International Conference on IFRS/NFRS (13 Nov 2022)

International Conference on International Financial Reporting Standards (IFRS)/Nepal Financial Reporting Standards (NFRS) has been held on 13 November 2022 (2079 Kartik 27) at The Soaltee Kathmandu (Tahachal, Kathmandu). The event provides an opportunity to learn international practices on various reporting standards. Furthermore, a dedicated session on NFRS including a panel discussion with international resources brought additional value to the participants.

The event has been conducted with Technical Support from the Asian-Oceanian Standard-Setters Group (AOSSG). The event was attended by the member countries of the Asian-Oceanian Standard-Setters Group (AOSSG) and the representatives from the Government of Nepal, regulatory bodies, banks and financial institutions, insurance companies, hydro companies and others. Altogether 325 participants participated the conference.

There’s no doubt that NFRS has the potential to change the information available to market participants in a way that is beneficial, the question is on the preparedness of the preparers to implement the NFRS. So, throughout the conference, the discussion focused primarily on sharing practices and experiences of representatives from various sectors and regulatory bodies about the implementation of NFRS. The main objective of this conference was not only to provide training on various NFRS but rather to focus on discussion among the financial statement preparers, regulators and other stakeholders regarding the implementation of NFRS. Though various challenges discussed in the event may not be got conclusive resolution, this matters as a preamble for further detailed discussion in the future which will be facilitated by the Accounting Standards Board, Nepal.

Some Snaps of International Conference