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    • Workshops REPARIS Workshops on Accounting and Audit Regulation, Vienna Track 1 Geheime Ratstube (max. 70 participants) Agenda Track 2 Track 3 Trabantenstube (max. 60 participants) Rittersaal (max. 80 participants) Track 4 Zeremoniensaal (max. 300 participants) TUESDAY, March 14, 2006 8:30 am – 9:00 am Registration (Antekammer) 9:00 am – 9:15 am Opening Ceremonies Welcoming Address: John Hegarty, Manager, Financial Management, Europe and Central 9:30 am - 12:30 pm Asia Region, World Bank (Zeremoniensaal) (incl. coffee break) Public availability of Accounting IFRS and ISA Implementing IFRS: financial statements Education Translation 12:30 pm – 2:00 pm General Issues (Bulgarian, English, (Albanian, English, (English, former (English) Workshops Open Romanian) Ukrainian) Yugoslavia, Turkish) 2:00 pm – 5:00 pm (incl. coffee break) Lunch Break Relationships 5:00 pm – 6:00 pm between corporate Adoption of IFRS Implementing IFRS: Eighth EU Company income tax in the Banking Business Law Directive reporting and Sector Combinations (Bulgarian, English, annual accounts (Albanian, English, (English) Romanian) (English, former Ukrainian) Yugoslavia, Turkish) Cocktail Reception WEDNESDAY, March 15, 2006 9:00 am – 9:15 am Keynote Address: Russell Guthrie, Director, International Federation of Accountants Establishing a 9:30 am - 12:30 pm Implementing IFRS: Enforcement of Accounting by Small Public Oversight (incl. coffee break) Financial Assets and IFRS in the EU and Medium Entities System of the Audit Financial Liabilities (CESRfin) (English, former Profession 12:30 pm – 2:00 pm for Corporates (Bulgarian, English, Yugoslavia, Turkish) (Albanian, English, (English) Romanian) Ukrainian) Workshops Open 2:00 pm – 5:00 pm (incl. coffee break) Lunch Break Adoption of IFRS International 5:15 pm – 5:45 pm Ethics in the Implementing IFRS: in the Insurance developments in Accountancy Financial Assets and Sector accounting and Profession Financial Liabilities (English, former audit regulation (Bulgarian, English, for Banks Yugoslavia, (Albanian, English, Romanian) (English) Turkish) Ukrainian) Closing Ceremonies Closing Remarks: John Hegarty, Manager, Financial Management, Europe and Central Asia Region, World Bank (Zeremoniensaal)
    • Map of Workshop Center Location and Floor Plan Venue: Hofburg Congress Center Heldenplatz, A-1014 Vienna, Austria Entrance: via Botschafterstiege/Schweizerhof
    • Workshop Overview Tuesday, March 14, 2006 SESSION 1 9:30 AM – 12:30 PM Public Availability of Financial Statements Room: Geheime Ratstube (max. 70 participants) Languages: Bulgarian, English, Romanian Session Objective: The session will discuss the rationale for requiring privately-held and/or publicly traded companies to make their financial statements publicly available, as well as the deadlines for filing/publishing financial statements. The session will specifically discuss the requirements of the First, Fourth, and Seventh EU Company Law Directives, as well as the Transparency Directive. It will also cover monitoring and enforcement mechanisms to ensure that such requirements are complied with. Finally, the session will look at the systems in place to make financial statements readily available (e.g., electronic availability). Session Format: The session will include six presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Mr. Martin Slough, Senior Financial Sector Specialist, The World Bank Group Speakers: Ms. Ana Cristina Hirata Barros, Operations and Research Analyst, The World Bank Group Publicly Available Financial Statements: Does it Matter? A survey of 30 Countries Mr. Jan-Christian Nilsen, Chief Special Adviser, Danish Commerce and Companies Agency Rationale for requiring that financial statements be made publicly available and ways to enforce the requirements: The Danish case Ms. Mina Filippa, Senior Officer, Committee of European Securities Regulators (by video) Transparency Directive: Requirements and Rationale Ms. Katarína Kaszasová, General Director of Financial Reporting Department, Slovak Republic Ministry of Finance Adoption and Implementation of articles 47 to 50 of the Fourth Directive: The Slovak case Mr. Alfred Borgonovo, Manager, International Development, Certified General Accountants Association of Canada Public availability of financial statements of publicly traded and privately-held companies: The Canadian Case Ms. Marina Machan Kaiser, Deputy Risk Director, Prisma Kreditversicherungs AG Public availability of financial statements: The case of a credit insurance company 9:30 AM – 12:30 PM Implementing IFRS: General Issues (Training Course - Module 1) Room: Trabantenstube (max. 60 participants) Languages: English Session Objective: This module will deal topics which cause recurring difficulty in the IFRS financial statements of corporates. The module will review the key principles for each issue as well as examples from IFRS financial statements. The topics will include: • principles-based standards versus rules-based standards; • when to use, and how to measure, fair values
    • • recognition and measurement of liabilities: provisions (IAS 37); pensions and other post-employment benefits such as (IAS 19); leases (IAS 17) • impairment of tangible assets (IAS 36) and non-current assets held for sale (IFRS 5) • selection of functional and presentation currency (IAS 21) Session Format: This session will take the form of a training event with a presentation of the standard requirements and cases studies based on concrete examples of companies preparing IFRS financial statements in the Region. Speakers: Mr. David Cairns, IFRS Consultant and former Secretary General of the IASC, David Cairns International Financial Reporting Mr. Thierry Bertrand, Partner, Head of IFRS Desk, Ernst & Young Luxembourg Mr. Olivier Lemaire, Partner, IFRS Desk, Ernst & Young Luxembourg 9:30 AM – 12:30 PM Accounting Education Room: Rittersaal (max. 80 participants) Languages: Albanian, English, Ukrainian Session Objective: The session will discuss the importance of education in the context of the increasing expectations from the public and growing complexity of accounting and auditing requirements. The first session will present International Education Standards. The second session will cover the requirements of the acquis communautaire regarding the auditing profession and present an overview of the different systems in place in EU Member States. The third session will present an overview of accountancy education in the Region based on the findings of a regional benchmarking analysis. The fourth session will present the solutions developed by an EU candidate country to enhance the quality of the accountancy professions in line with the requirements of the acquis communautaire. Session Format: The session will include four presentations lasting approximately 25 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Ms. Georgine Newman Alawode, Financial Management Consultant, The World Bank Group Speakers: Mr. Mark Allison, Technical Advisor to the Education Committee, International Federation of Accountants International Education Standards Mr. Wim Moleveld, Education Subgroup, Liberalization/Qualification Working Party, European Federation of Accountants Requirements and Implementation of the EU Directive on Statutory Audit Dr. Gert H. Karreman, Ph.D., Former Director of Education, Royal NIVRA, Netherlands Global Accountancy Education Benchmarking -- Overview of the Region Dr. Masum Turker, Former Minister of Economy, Istanbul Commerce University Accountancy Education: The Role of a Professional Institute 9:30 AM – 12:30 PM IFRS and ISA Translation Room: Zeremoniensaal (max. 300 participants) Languages: English, former Yugoslavia, Turkish Session Objective: The session will discuss the issues relating the translation of IFRS and ISA with a view to inform participants about the IASCF and IFAC translation processes, the translation of IFRS in EU Member States, and the do's and the dont's based on the experience of different countries. The first presentation will cover the result of a World Bank survey of approximately 30 countries worldwide regarding the translation of IFRS. The second session will include a presentation of the IASCF translation policy, as well as recommendations by the IASCF regarding the translation of IFRS. In the third session, IFAC will present their translation policy, as well as good practices in this area. Two country specific presentations will complement these overall presentations, including a case study from a New Member State and a case study from the Region.
    • Session Format: The session will include five presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Mr. Ian Ritchie, Director of the Center for International Corporate Governance and Accounting, University of Paisley Speakers: Mr. Frederic Gielen, Lead Financial Management Specialist, The World Bank Group Translation of IFRS: The Lessons Learned Ms. Ioanna Tzivani, Translation Project Manager, International Accounting Standards Committee Foundation IASCF Translation Process and Status of the translations in the Region Ms. Jan Munro, Senior Technical Manager, International Federation of Accountants IFAC Translation Process and Status of the translations in the Region Ms. Agnieszka Ostaszewicz, Director, National Board of Chartered Accountants Association of Poland IFRS Translation: From pre- to post-accession Mr. Zoran Skobic, Foreign Relations Counselor, Serbian Association of Accountants and Auditors IFRS and ISA Translation: Challenges and Solutions SESSION 2 Session Objective: The session will discuss the issues relating to the relationships between annual accounts (also referred to as "general purpose financial reporting") and corporate income tax reporting. The first presentation will cover the preliminary results of a World Bank survey of approximately 10 EU Member States regarding the relationships between annual accounts and tax reporting, especially in companies which prepare their annual accounts in accordance with IFRS. The second session will include a presentation of the lessons learned in the United Kingdom where annual accounts may be prepared in accordance with IFRS. The third session will present an overview of existing practices in Germany and Austria. The fifth session will include a presentation of existing practices in Croatia. Session Format: The session will include five presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Mr. Patrick Corrigan, Consultant, The HELM Corporation Speakers: Mr. Frederic Gielen, Lead Financial Management Specialist, The World Bank Group The Relationship between Corporate Income Tax Reporting and International Financial Reporting Standards (IFRS) Mr. Wayne Weaver, Tax Partner, Banking & Capital Markets, Deloitte & Touche LLP The Relationship between Corporate Income Tax Reporting and IFRS: The U.K. Case Prof. Dr. Norbert Herzig, European Federation of Accountants, and Director of the Business Tax Institute, University of Cologne The relationship between corporate income tax reporting and annual accounts: Current Approach in Germany Mr. Friedlich Roedler, Partner, PriceWaterhouseCoopers The relationship between corporate income tax reporting and annual accounts: Current Approach in Austria Prof. Ferdo Spajic, Ph.D, Graduate School of Economics and Business The relationship between corporate income tax reporting and annual accounts: Current Approach in Croatia
    • 2:00 P.M. – 5:00 P.M. Implementing IFRS: Business Combinations (Training Course - Module 2) Room: Trabantenstube (max. 60 participants) Languages: English Session Objective: This module will review the key principles in the new standards affecting business combination and their effect on IFRS financial statements. The issues will include: • the application of the purchase method (IFRS 3); • recognition and measurement of acquired assets and liabilities (IFRS 3); • the amortization and impairment of intangible assets (IAS 36 and IAS 38); • impairment of goodwill (IAS 36 and IFRS 3); • the IASB’s new proposals on business combinations (ED). Session Format: This session will take the form of a training event with a presentation of the standard requirements and cases studies based on concrete examples of companies preparing IFRS financial statements in the Region. Speakers: Mr. David Cairns, IFRS Consultant and former Secretary General of the IASC, David Cairns International Financial Reporting Mr. Thierry Bertrand, Partner, Head of IFRS Desk, Ernst & Young Luxembourg Mr. Olivier Lemaire, Partner, IFRS Desk, Ernst & Young Luxembourg 2:00 P.M. – 5:00 P.M. Adoption of IFRS in the Banking Sector Room: Rittersaal (max. 80 participants) Languages: Albanian, English, Ukrainian Session Objective: The session will discuss the issues relating to the use of IFRS in the banking sector, including the relationship between annual/consolidated accounts and prudential reporting, financial reporting impact of Basel II, and concrete implementation issues in the banking sector. The first presentation will present an overview of the issues from the perspective of the Basel Committee on Banking Supervision. The second presentation will present an overview of the issues from the perspective of the Basel Committee on Banking Supervision and the Committee of European Banking Supervisors. The third presentation will discuss the issues from an auditor’s perspective. The fourth presentation will discuss the banking supervisor's perspective regarding both the annual/consolidated accounts and prudential reporting, as well as financial reporting implications of the adoption of Basel II. The fifth session will involve a presentation of the adoption of IFRS in a new EU Member State with a view to raise awareness about those issues that policymakers, supervisors, commercial banks and auditors should carefully consider. Session Format: The session will include five presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Mr. Henri Fortin, Senior Financial Management Specialist, The World Bank Group Speakers: Mr. Ludger Hanenberg, Member of the Accounting Task Force of the Basel Committee on Banking Supervision, and Director, Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht), Risk Analysis and Financial Market Studies Bridging the gap between IFRS and regulatory accounting Mr. Marc Pickeur, Basel Committee on Banking Supervision (Accounting Task Force) and Committee of European Banking Supervisors (Expert Group on Accounting and Auditing) IFRS in the Banking Sector: A supervisor’s perspective Mr. Gerald Kogler, Senior Manager, Ernst & Young Austria Implementation of IFRS in the banking sector: Austria case study – An Auditor’s Perspective Mr. David Gruenberger, Austrian Financial Market Authority (FMA) Implementation of IFRS in the banking sector: Austria case study – A regulator’s Perspective Mr. Leo Asmanis, Deputy Chief Accountant, Latvijas Banka Adoption and Implementation of IFRS in the banking sector: Experience of a New Member State
    • 2:00 P.M. – 5:00 P.M. Eighth EU Company Law Directive Room: Zeremoniensaal (max. 300 participants) Languages: Bulgarian, English, Romanian Session Objective: The session will discuss the objectives and requirements of the Eighth EU Company Law Directive and its implementation in EU Member States. The first and second presentations will cover the objectives and requirements of the Eighth EU Company Law Directive. The European Commission and the European Federation of Accountants will jointly cover the entire scope of the Directive emphasizing matters, which they regard as of specific relevance for the Region. The third presentation will cover the implementation of the Directive based on concrete actions taken in the United Kingdom, respectively. The last two presentations will cover the implementation of the Directive in two new EU Member States. While the session will discuss public oversight, it will not devote a significant amount of time to this subject, since public oversight will be addressed in a dedicated session on Wednesday March 15, 2006. Session Format: The session will include five presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Mr. Bogdan Constantinescu, Senior Financial Management Specialist, The World Bank Group Speakers: Mr. Jean-Philippe Rabine, Policy Officer, European Commission, DG Internal Market Overall Presentation of the Eighth EU Company Law Directive Mr. Andrew Popham, Vice-President, European Federation of Accountants Overall Presentation of the Eighth EU Company Law Directive Mr. Tom McMorrow, Executive Director, Regulation and Compliance, Institute of Chartered Accountants of Scotland (ICAS) Implementation of the new Eighth EU Company Law Directive in the United Kingdom Ms. Katalin Fekete, Vice-President, Chamber of Hungarian Auditors Implementation of the new Eighth EU Company Law Directive: Hungary case study Mr. Ivan Bosela, Chairman, Slovak Chamber of Auditors - Slovenská komora audítorov Implementation of the new Eighth EU Company Law Directive in the Slovak Republic Wednesday, March 15, 2006 SESSION 1 Session Objective: The session will discuss the objectives and requirements of the Fourth EU Company Law Directive regarding simplified financial reporting requirements for SMEs, the objectives and status of the IASB SME project, as well as the expectations from preparers, auditors, and users of SME financial statements. Session Format: The session will include five presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation.
    • Facilitator: Mr. Frederic Gielen, Lead Financial Management Specialist; Member of the IASB SME Working Group, The World Bank Group Speakers: Ms. Annette Davis, National Expert, European Commission A simplified financial reporting framework for SMEs -- The Fourth EU Company Law Directive and the IASB SME Project Mr. Paul Pacter, Director of Standards for SMEs, International Accounting Standards Board IASB SME Project Ms. Kati Beiersdorf, German Accounting Standards Committee Simplified financial reporting requirements: German case study Mr. Gerhard Prachner, PricewaterhouseCoopers GmbH Simplified financial reporting requirements: Austria case study Mr. Thomas Zäncker, Risk Control, Commerbank AG The Importance of Reliable Financial Statements: A Banker's Perspective 9:30 AM – 12:30 PM Implementing IFRS: Financial Assets and Financial Liabilities for Corporates (Training Course - Module 3) Room: Trabantenstube (max. 60 participants) Languages: English Session Objective: This module will review the key principles on financial instruments from the perspective of corporates and their effect on corporate IFRS financial statements. The topics will include: • when to use fair value and when to use amortized cost (IAS 39); • investments in equity and debt securities (IAS 39); • loans and receivables, including impairment (IAS 39); • derivatives and hedge accounting (IAS 39); • own debt and the distinction between equity and debt (IAS 32 and IAS 39); • disclosure and presentation (IAS 32 and IFRS 7). Session Format: This session will take the form of a training event with a presentation of the standard requirements and cases studies based on concrete examples of companies preparing IFRS financial statements in the Region. Speakers: Mr. David Cairns, IFRS Consultant and former Secretary General of the IASC, David Cairns International Financial Reporting Mr. Reinhard Klemmer, Partner DPP Audit, KPMG 9:30 AM – 12:30 PM Enforcement of the IFRS in the EU (CESRfin) Room: Rittersaal (max. 80 participants) Languages: Bulgarian, English, Romanian Session Objective: This session will cover the standards on enforcement of standards on financial information in Europe developed by CESRfin through its Sub-Committee on Enforcement (SCE). The session will also include a presentation of principles, guidelines and standards in the areas of (i) definition of enforcement, (ii) selection techniques, (iii) powers to be attributed to the enforcers, and (iv) cross border listings and offerings. The session will also discuss the role of the accountancy profession and its relationship with enforcers. Finally, the session will include a presentation by an institutional investor as regards the importance of financial reporting standard monitoring and enforcement. Session Format: The session will include four presentations lasting approximately 25 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Mr. Ian Ritchie, Director of the Center for International Corporate Governance and Accounting, University of Paisley
    • Speakers: Ms. Carol Page, Secretary, Director, Panel Operations, The Financial Reporting Review Panel Overview of CESRfin Accounting Standard Enforcement Principles Mr. Markus Pammer, Head of Division, Finance and Controlling, Austrian Financial Market Authority (FMA) Enforcement of the IFRS in the EU and in Austria (CESRfin) Mr. Erich Kandler, Chairman, Corporate Governance and Company Law Working Party, and Member, Financial Reporting Policy Group, European Federation of Accountants Enforcement of IFRS in listed companies: The Implications for the Accountancy Profession Mr. Andreas Rauter, Geschäftsführer, UNIQA Finanz-Service GmbH Accounting Standard Enforcement: A User Perspective 9:30 A.M. – 12:30 P.M. Establishing a Public Oversight System of the Audit Profession Room: Zeremoniensaal (max. 300 participants) Languages: Albanian, English, Ukrainian Session Objective: The session will discuss the objectives and requirements of the Eighth EU Company Law Directive as regards the public oversight of the audit profession and the implementation in EU Member States. The first presentation will cover the objectives and requirements of the Eighth EU Company Law Directive in this regard. The following sessions will include presentations of (contemplated) public oversight systems in EU Member States. Session Format: The session will include five presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Mr. David Nagy, Financial Management Consultant, The World Bank Speakers: Mr. Jean-Philippe Rabine, Policy Officer, European Commission, DG Internal Market Eighth Company Law Directive - Requirements and Implementation Ms. Mag. Regina Reiter, Kammer der Wirtschaftstreuhänder, Austria Public Oversight: Austria Case Study Mr. Christian Bauch, Head of the Education Unit, Wirtschaftsprüferkammer K.d.ö.R. (WPK) - Chamber of Public Accountants Public Oversight of the Audit Profession in Germany Ms. Marjolein Doblado, Permanent Technical Officer, Haut Conseil du Commissariat aux comptes (H3C), France Public Oversight of the Audit Profession in France Mr. Jacek Gdanski, Deputy Director - Accounting Department, Ministry of Finance Public Oversight of the Audit Profession in Poland SESSION 2 Session Objective: This session will cover the requirements of the acquis communautaire and international best practices as regards professional ethics and good international practice. The session will specifically discuss the code of ethics adopted by the International Ethics Standards Board for Accountants (IESBA) of the International Federation of Accountants (IFAC), as well as further specific rules that countries may deem necessary. The session will also discuss rules on confidentiality and professional secrecy highlighting why these rules must not stand in the way of enforcement of financial reporting requirements or the exchange of relevant information between competent authorities of Member States.
    • Session Format: The session will include five presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Ms. Valia Iordanova, Senior partner, AFA OOD Speakers: Ms. Jan Munro, Senior Technical Manager, International Federation of Accountants IFAC Code of Ethics Mr. Marc Pickeur, Basel Committee on Banking Supervision (Accounting Task Force), and member of the Consultative Advisory Group, International Ethics Standards Committee and International Auditing and Assurance Standards Board Ethics in the Accountancy Profession: A supervisor’s perspective Ms. Laimute Stasytiene-Tinglum, Vice-President, Lithuanian Chamber of Auditors Adoption and Implementation of a Professional Code of Ethics: Experience of a New Member State Prof. Can Simga Mugan, Dept. of Business Administration, Middle East Technical University, Turkey Ethics in the accountancy profession: Turkish case study Ms. Marina Shelaru, Executive Director, Association of Professional Accountants and Auditors of Moldova Adoption and Implementation of a Professional Code of Ethics in Moldova 2:00 P.M. – 5:00 P.M. Implementing IFRS: Financial Assets and Financial Liabilities for Banks (Training Course - Module 4) Room: Trabantenstube (max. 60 participants) Languages: English Session Objective: This module will review the key principles on financial instruments from the perspective of banks and their effect on bank financial statements. The topics will include: • when to use fair value and when to use amortised cost (IAS 39); • the relationship between IAS 39 and the requirements of banking supervisors; • loans and receivables, including impairment (IAS 39); • deposits (IAS 39); • investments in equity and debt securities (IAS 39); • derivatives and hedge accounting (IAS 39); • disclosure and presentation (IAS 32 and IFRS 7). Session Format: This session will take the form of a training event with a presentation of the standard requirements and cases studies based on concrete examples of companies preparing IFRS financial statements in the Region. Speakers: Mr. David Cairns, IFRS Consultant and former Secretary General of the IASC, David Cairns International Financial Reporting Mr. Reinhard Klemmer, Partner DPP Audit, KPMG 2:00 P.M. – 5:00 P.M. Adoption of IFRS in the Insurance Sector Room: Rittersaal (max. 80 participants) Languages: English, Former Yugoslavia, Turkish Session Objective: The session will discuss the issues relating the use of IFRS in the insurance sector, including the relationship between annual/consolidated accounts and prudential reporting, financial reporting impact of Solvency II, and concrete implementation issues in the insurance sector. The first and second presentations will present an overview of the issues from the perspective of the European Commission and the European Financial Reporting Advisory Group (EFRAG). The third presentation will discuss the issues from an industry's perspective. The fourth session will involve a presentation of insurance financial reporting in Austria. Session Format: The session will include five presentations lasting approximately 25 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for
    • questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Mr. Henri Fortin, Senior Financial Management Specialist, The World Bank Group Speakers: Mr. Karel Van Hulle, Head of Unit, European Commission, DG Internal Market (by video) Insurance accounting: The insurance accounts directive, IFRS, and Solvency II Mag. George Weinberger, Insurance Working Party, European Federation of Accountants Insurance accounting: The insurance accounts directive, IFRS, and Solvency II Ms. Catherine Guttman, Member of the Technical Expert Group, European Financial Reporting Advisory Group (EFRAG) Bridging the gap between IFRS and regulatory accounting requirements Mr. Andreas Rauter, Geschäftsführer, UNIQA Finanz-Service GmbH Implementation of IFRS in the insurance sector: A preparer's perspective Ms. Karin Harreither, Austrian Financial Market Authority (FMA) Implementation of IFRS in the insurance sector: Austria case study 2:00 P.M. – 5:00 P.M. International Developments in Accounting and Audit Regulation Room: Zeremoniensaal (max. 300 participants) Languages: Albanian, English, Ukrainian Session Objective: The recent spate of scandals in the United States and the European Union have emphasized that accounting, financial reporting, and statutory audit are not only important elements in ensuring the credibility and reliability of companies’ financial statements but that significant economic damage to the capital markets and the economy may result from weaknesses in the financial reporting. Recent scandals have also confirmed the urgency and the need for effective and balanced international regulatory reforms. The first presentation will cover ongoing international reforms in the area of accounting and audit regulation by the World Bank based on the Accounting and Audit ROSC assessments conducted in 65 countries worldwide and the Bank's participation in the international regulatory debate. The second and third presentations will cover ongoing reforms in the European Union from the Commission and accountancy profession point of view. The third and fourth presentation will cover ongoing reforms and their importance for the accountancy profession. The last presentation will discuss the importance of enhancing accounting and audit regulation and practices from a securities market regulators’ perspective. Session Format: The session will include five presentations lasting approximately 20 minutes each with concrete examples to help participants leverage the findings from the presentations. At the end of the presentations, the facilitator will open the floor for questions and answers. The facilitator may also organize a short 5 to 10 minute question and answer session after each presentation. Facilitator: Ms. Seda Aroymak, Senior Financial Management Specialist, The World Bank Group Speakers: Mr. John Hegarty, Manager, Financial Management, Europe and Central Asia Region, The World Bank Group International developments in accounting and audit regulation Mr. Jean-Philippe Rabine, Policy Officer, European Commission, DG Internal Market Developments in audit regulation in the European Union Mr. Andrew Popham, Vice-President, European Federation of Accountants Developments in accounting and audit regulation in the European Union Mr. Georg Lanfermann, Partner, Development of Professional Practice Audit, KPMG, Berlin, Germany International Developments in accounting and auditing: Challenges for the Profession Mr. Philippe Danjou, Chief Accountant, Financial Market Authority Developments in accounting and auditing: European Securities Market Regulators' Perspective