A Training Given for Management Members on International Financial Reporting Standards (IFRS)


Training on International Financial Reporting System with particular reference with practices in Public Enterprises Finance Reporting Standards is given for two consecutive days from December 16 – 17 2017; for the enterprise deputy CEOs, Directors, Management of Finance and Accounts Departments as well as to leaders working at Kality, Gelan and Modjo port and Terminal branch offices.
The training has given by Lecturers of Addis Ababa University Accounting and Finance Department. Ato Abate Abebe one of the lecture briefed the significance of the training as a major endeavors to help public enterprises and use a simple way of preparing financial reports and systems; there by helping the pillars of the nation’s economy and reduce financial crisis and threats of bankruptcy and others negative consequence.

Moreover; Ato Abat said the training basically helps to enable the public enterprises prepare a financial report with an internationally acknowledged standards.
Ato Abat further reminded the trainees that a proclamation has been issued by Ethiopian Federal Democratic Republic Council of Peoples representatives entitled preparation and presentation of financial reports No. 847/2014 and various efforts have been made to implement it on big government and private enterprises. He critically remarked that the long time existing financial report and record system practiced is only a customary practice that mainly aimed at fulfilling tax obligations.

The new International Financial Reporting Standards is globally accepted and widely practiced by world Bank and major Global Financial institutions and all other firms found in developing as well as developed countries; the implementations of these international financial report by enterprises such as ESLSE would enable them to be in line with international financial system and they would help them to get credit or to deal on debit issues and further more enables them to build simple, healthy, clear and creditable financial system understood by all.
Ato Birhane Gebru, the financial advisor of the enterprise in the Finance and Accounts Department, has briefed the participants that the training has been planned for all the enterprises management because the issue of finance on an enterprise is all duties and obligations and the training aims equip all leaders modern financial reporting standard system. So that they will knowledgably manage the budget under their mandate with a sense of responsibility. Ato Birhane further more noticed that all employees that handle financial matters would take the training and the implementation the system would be practical for preliminary preparations has been finalized.
The participants of the training have raised various questions and opinions with regard to the need to change the existing financial systems and their worries that the implementations would be time taking and complex. The trainers have given answers and verifications for the questions and opinions raised by the trainees.