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Saturday, February 19, 2005
Implementation of International Financial Reporting Standards (IFRS) by Listed Companies in the Three Baltic Republics
Tallinn, Estonia
During the second half of 2004, Rita Ilisson conducted a research project entitled, “Implementation of International Financial Reporting Standards (IFRS) by Listed Companies in the Three Baltic Republics.” The research project was co-financed by a PFS Program Grant.
Preliminary findings from the research were presented at a seminar entitled, “Application of and Compliance with International Financial Reporting Standards” organized by the PFS Program, in cooperation with the Tallinn Stock Exchange (OMX Exchanges), on October 27, 2004 in Tallinn, Estonia. The final research report was completed in December 2004 and submitted to the PFS Program for publication in late January 2005.
The research project consists of the following components: a background paper outlining the rationale for the research project; a paper presenting the overall findings; a paper presenting the research conducted of the financial statements of companies listed on the Riga Stock Exchange; a paper presenting the research conducted of the financial statements of companies listed on the Vilnius Stock Exchange; a paper presenting the research conducted of the financial statements of companies listed on the Tallinn Stock Exchange; and one appendix. To download the documents, please click on the links below.
Wednesday, October 27, 2004
Seminar on Application of and Compliance with International Financial Reporting Standards (IFRS)
Tallinn, Estonia
On October 27, 2004 the PFS Program, in cooperation with the Tallinn Stock Exchange (OMX Exchanges) conducted a seminar entitled, “Application of and Compliance with International Financial Reporting Standards.”
21 accounting/finance specialists from Estonian financial institutions and listed companies as well as four representatives of Lithuanian accounting and capital markets institutions attended the seminar.
To download the agenda, presentations and list of participants, please click on the links below:
Thursday, May 20, 2004
International Accounting Standards (IAS) Seminar
Vilnius, Lithuania
On May 20, 2004 the PFS Program, in cooperation with the Accounting Institute of Lithuania and the National Stock Exchange of Lithuania, conducted a seminar on International Financial Reporting Standards (IFRS). 69 accountants, auditors, chief financial officers and financial staff of listed companies as well as representatives of Lithuanian capital markets institutions attended the seminar.
The National Stock Exchange of Lithuania translated the agenda and presentations into Lithuanian (lietuviskai).
To download the agenda and presentations, in English and in Lithuanian, please click on the links below:
Thursday, October 2, 2003 - Friday, October 3, 2003
International Accounting Standards (IAS) Seminar
Horny Smokovec (High Tatras), Slovak Republic
On October 2-3, 2003 the PFS Program, in cooperation with the Chamber of Auditors of the Slovak Republic, held a Seminar on International Accounting Standards (IAS).
One Czech auditor, one Hungarian auditor and 129 Slovak auditors, officials of the Chamber of Auditors of the Slovak Republic and accounting specialists from the Ministry of Finance attended the event.
The Chamber of Auditors of the Slovak Republic translated the agenda, presentations and supplementary examples into Slovak.
To download the list of participants as well as the agenda and presentations (in English and Slovak), please click on the links below:
Monday, April 14, 2003 - Wednesday, April 16, 2003
International Accounting Standards (IAS) Seminars
Poznan, Warsaw and Katowice, Poland
In April 2003, the PFS Program, in cooperation with the National Chamber of Statutory Auditors of Poland, held three seminars on International Accounting Standards (IAS). On Monday, April 14 a seminar was held in Poznan; on Tuesday, April 15, a seminar was held in Warsaw; and on Wednesday, April 16, a seminar was held in Katowice.
35 participants attended the seminar in Poznan, 46 participants attended the seminar in Warsaw and 47 participants attended the seminar in Katowice.
Participants included accountants, auditors, officials of the National Chamber of Statutory Auditors of Poland and accounting specialists from the Ministry of Finance.
The National Chamber of Statutory Auditors of Poland translated the agenda and presentations into Polish.
To download the agenda and presentations, please click on the links below.
Wednesday, February 19, 2003
International Accounting Standards (IAS) Seminar
Vilnius, Lithuania
On February 19, 2003 the PFS Program, in cooperation with the Accounting Institute of Lithuania and the National Stock Exchange of Lithuania, conducted a seminar on International Accounting Standards (IAS). 74 accountants, auditors, chief financial officers and financial staff of listed companies as well as representatives of Lithuanian capital markets institutions attended the seminar.
The National Stock Exchange of Lithuania translated the agenda and presentations into Lithuanian (lietuviskai).
To download the agenda and presentations, please click on the links below.
Friday, August 30, 2002
Implementation of International Accounting Standards (IAS) in Central and Eastern Europe
Beginning in 2005, the European Union (EU) will require all EU listed companies to produce consolidated financial statements in accordance with International Accounting Standards (IAS).
This presents a challenge to listed companies in both current EU member states and candidate countries, since at present a wide range of accounting standards are employed across Europe.
In order to better understand the impact of the EU requirement in the candidate countries, the PFS Program has conducted a survey of accounting requirements for listed companies in eight Central and Eastern European (CEE) countries: Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Slovak Republic and Slovenia.
In each country, the accounting standards are determined by the listing rules of the respective stock exchange. Seven of the eight stock exchanges in question (Bratislava, Budapest, Ljubljana, Prague, Riga, Tallinn, Vilnius and Warsaw) have more than one market segment; the Tallinn Stock Exchange has only one market segment.
The table below presents the listing requirements at each of the eight stock exchanges.
Implementation of IAS in these eight markets may be summarized as follows:
- IAS-compliant financial statements are obligatory for listed companies in the main market in five countries: Czech Republic, Estonia, Latvia, Lithuania and Slovakia.
- In Hungary, companies may produce financial statements according to national law, IAS or US GAAP.
- In Poland, the home country of the issuer determines whether Polish Accounting Standards, IAS or US GAAP may be applied.
- In Slovenia, companies produce financial statements according to Slovene Accounting Principles, which at present are not completely IAS-compliant.
The PFS Program is cooperating with accounting and auditing self-regulatory organizations (SROs) in several CEE countries to conduct training on IAS. This training is designed to assist listed companies meet the 2005 deadline for producing IAS-compliant consolidated financial statements.
| Countries | Market Segments | Accounting Requirements for Listed Companies | Source | Date of Requirement |
| Czech Republic | Main Market | IAS | Fact Book Prague Stock Exchange | 2001 |
| Secondary Market | Either National Accounting Standards or IAS | Fact Book Prague Stock Exchange | 2001 |
| New Market | Not prescribed | Fact Book Prague Stock Exchange | 2001 |
| Estonia | | IAS; if contradiction with accounting in Estonia, IAS is stronger; Exception can be allowed by Listing Committee of the Exchange | Requirements for Issuers - Tallinn Stock Exchange; Listing Rules - Tallinn Stock Exchange |
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| Hungary | Foreign & Domestic Issuers | Domestic Law, IAS or US GAAP | Regulations for listing, continued trading and disclosure | January 14, 2002 |
| Annual Report for securities listed in Category "A" | IAS or US GAAP | Regulations for listing, continued trading and disclosure | January 14, 2002 |
| Latvia | Official List | IAS and National Accounting Standards of the issuer's country of registration at least for last year of last 3 years for annual report, exception can be made by Riga SE Management Board | Enforcement Note on Securities Lists | January 18, 2002 |
| Secondary List | National Accounting Standards of the issuer's country of registration for 2 previous years for annual report, exception can be made by Riga SE Management Board | Enforcement Note on Securities Lists | January 18, 2002 |
| Lithuania | Official List | IAS, auditor's opinion on GAAP, both for 3 preceding years | Trading Rules | February 1, 1999 |
| Current List | Accounting Standards of the Republic of Lithuania with auditor's opinion also on GAAP | Trading Rules | February 1, 1999 |
| Unlisted Securities | Trading Rules | February 1, 1999 |
| Poland | Main market-annual financial report for 3 years | Polish companies - Polish Accounting Standards. Foreign companies - IAS or US GAAP.
Polish leasing companies - Polish Accounting Standards and IAS or US GAAP. | Decree of the Council of Ministers on current and periodical information provided by issuers of securities | October 16, 2001 |
| Parallel market-annual financial report for 2 years |
| Free market - annual financial report for 1 year |
| Slovak Republic | Listed Main Market (Shares, Bonds, Certificates) | IAS and National Accounting Standards.
Foreign issuer's prospectus: IAS | Stock Exchange Regulations | July 2, 2001 |
| Listed Parallel Market (Shares, Bonds, Certificates) | Slovak companies - either National Accounting Standards or IAS
Foreign issuer's prospectus: IAS | Stock Exchange Regulations | July 2, 2001 |
| Listed New Market - Shares | Slovak companies - either National Accounting Standards or IAS
Foreign issuer's prospectus: IAS | Stock Exchange Regulations | July 2, 2001 |
| Slovenia | Official Market | Slovene Accounting Principles | Rules of the Ljubljana Stock Exchange | June 2000 |
| Free Market | Slovene Accounting Principles | Rules of the Ljubljana Stock Exchange | June 2000 |
| Co-operation of Baltic Stock Exchanges (Tallinn, Riga, Vilnius) | Baltic List (15 largest and most liquid companies of the region) | IAS | Baltic List | January 3, 2000 |
Tuesday, April 9, 2002 - Wednesday, April 10, 2002
International Accounting Standards (IAS) Seminar
Prague, Czech Republic
On April 9-10, 2002 the PFS Program, in cooperation with the Union of Accountants of Czech Republic, Chamber of Auditors of Czech Republic, Union of Accountants of Slovak Republic and Chamber of Auditors of Slovak Republic, held a seminar on IAS for Czech, Polish and Slovak accountants and auditors. 34 Czech accountants/auditors; 14 Slovak accountants/auditors and four Polish accountants/auditors attended the seminar.
The Union of Accountants of Czech Republic translated the presentations into Czech.
To download the agenda and presentations, please click on the links below:
Wednesday, March 6, 2002
International Accounting Standards (IAS) Seminar
Riga, Latvia
On March 6, 2002 the PFS Program, in cooperation with the Riga Stock Exchange and the National Stock Exchange of Lithuania, conducted a seminar on International Accounting Standards (IAS). More than 90 accountants, auditors, bankers, financial staff of listed companies and representatives of capital markets institutions from Latvia and Lithuania attended the seminar.
The Riga Stock Exchange translated the agenda and presentations into Latvian (latviskais) and the National Stock Exchange of Lithuania translated the agenda and presentations into Lithuanian (lietuviskai).
To download the agenda and presentations, please click on the links below:
 | Agenda - IAS Seminar - March 6, 2002.doc - 23 KB |
| Agenda - IAS Seminar - March 6, 2002 - lietuviskai.doc - 25 KB |
| Presentation - Rita Ilisson - March 6, 2002.ppt - 5,488 KB |
| Presentation - Rita Ilisson - March 6, 2002 - latviskais.ppt - 5,501 KB |
| Presentation - Rita Ilisson - March 6, 2002 - lietuviskai.ppt - 5,492 KB |
| Presentation - David Cairns - Enforcement - March 6, 2002.ppt - 78 KB |
| Presentation - David Cairns - Enforcement - March 6, 2002 - latviskais.ppt - 67 KB |
| Presentation - David Cairns - Enforcement - March 6, 2002 - lietuviskai.ppt - 67 KB |
| Presentation - David Cairns - Compliance - March 6, 2002.ppt - 110 KB |
| Presentation - David Cairns - Compliance - March 6, 2002 - latviskais.ppt - 165 KB |
| Presentation - David Cairns - Compliance - March 6, 2002 - lietuviskai.ppt - 208 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - March 6, 2002.ppt - 204 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - March 6, 2002 - latviskais.ppt - 220 KB |
| Presentation - Geoffrey Mazullo, Director, PFS Program - March 6, 2002 - lietuviskai.ppt - 202 KB |
| Closing Remarks from US Embassy - March 6, 2002.doc - 21 KB |
Wednesday, October 24, 2001 - Thursday, October 25, 2001
International Accounting Standards (IAS) Workshop
Vilnius, Lithuania
On October 24-25, 2001 the PFS Program, in cooperation with the Lithuanian Audit, Accounting and Property Valuation Institute and the Latvian Financial Accounting Standards Technical Committee conducted a workshop on International Accounting Standards (IAS) for these two standards setting organizations.
To download the agenda and presentations, please click on the links below:
Thursday, September 13, 2001
International Accounting Standards (IAS) Seminar
Tallinn, Estonia
On September 13, 2001 the PFS Program, in cooperation with the Estonian Accounting Standards Board, conducted a seminar on International Accounting Standards (IAS) for accounting and audit professionals from the Baltic Republics. 39 participants from Estonia, 14 from Latvia and five from Lithuania attended the seminar.
To download the agenda and presentations, please click on the links below:
Thursday, May 31, 2001
Symposium on International Accounting Standards (IAS)
Riga, Latvia
On May 31, 2001 a representative of the European Commission Directorate-General XV for Internal Market and Financial Services and the former Secretary General of the International Accounting Standards Board spoke about the adoption of International Accounting Standards (IAS) throughout Europe at a symposium in Riga, Latvia. The symposium brought together representatives of the Estonian Accounting Standards Board; the Latvian Financial Accounting Standards Technical Committee; and the Lithuanian Audit, Accounting and Property Valuation Institute. Government officials and financial market regulators from the three Baltic Republics as well as accounting specialists of the Riga Stock Exchange, Tallinn Stock Exchange and National Stock Exchange of Lithuania also attended the symposium.
To download the agenda and presentations, please click on the links below:
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