Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Executive IFRS Workshop for Regulators

37 June 2013, Diplomatic Academy of Vienna

The World Bank Centre for Financial Reporting Reform (CFRR) and the IFRS Foundation are jointly organizing a five-day workshop on the use of International Financial Reporting Standards (IFRS) by financial regulators. This workshop is designed for senior staff of regulatory agencies responsible for supervising banks, insurance companies and securities exchanges and those in charge of accounting and prudential regulations in Central and Eastern Europe. Its primary objective is to enhance participants understanding of current and upcoming IFRS and related prudential requirements by providing them with tools to enhance the effectiveness of regulation. During this workshop, participants will: (i) gain a better understanding of the judgments and estimates in applying IFRS with a particular focus on the current IFRS for financial instruments and insurance contracts, (ii) be updated on the changes stemming from the International Accounting Standards Boards (IASB) project to replace IAS 39 Financial Instruments Recognition and Measurement with IFRS 9 Financial Instruments and its project to replace IFRS 4 Insurance Contracts with a comprehensive Standard for accounting and reporting insurance contracts; and (iii) explore how the review of financial statements prepared using IFRS can help them to carry out supervisory duties. The program features technical sessions led by three IASB Board Members, Philippe Danjou, Amaro Gomes and Darrel Scott, and a number of the IASBs technical staff including the Director for its Education Initiative, Michael Wells, the European Commission (EC) and selected regulators and market participants. It also covers enforcement of IFRS by the EC and other aspects related to the application of IFRS by national regulators and financial institutions. The Basel Committee for Banking Supervision published in December 2010 a set of measures to improve the prudential regulation of banks commonly referred to as Basel III. These measures will be phased in from 2013 and will become fully binding in 2019. In parallel, the EU adopted the Solvency II Directive in November 2009. Solvency II was developed in close collaboration with the European Insurance and Occupational Pensions Authority (EIOPA) and its date of entry into force will be set by the Omnibus II Directive. All banks and insurance companies in the EU will have to comply with these directives or regulations in addition to applicable financial reporting requirements. Thus, banking and insurance supervisors need to develop their capacity to use IFRS-based financial information for enhanced monitoring and supervision.

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Monday 3 June 2013 - Day 1

Introduction to the Workshop, Reporting Requirements Used by Participants, and the Concepts Underpinning IFRS
08:00 09:00 Registration and Welcome Coffee Welcome Remarks
Samia Msadek, Director, Europe and Central Asia Operational Services and Quality unit, World Bank Henri Fortin, Head, Centre for Financial Reporting Reform, World Bank

09:30

Reporting Requirements in Participants Countries

Pascal Frrejacque, Senior Operations Officer, Centre for Financial Reporting Reform, World Bank Johanna Lincoln, Consultant, Centre for Financial Reporting Reform, World Bank Objective: Understand: 1) other participants reporting requirements; and 2) extent to which IFRS are used (or are planned to be used) by other participants.

10:00

Importance of Financial Reporting for Regulatory Matters

Martn Vzquez Surez, Senior Financial Sector Specialist, World Bank Objective: Explain why financial reporting matters and why financial statements should be reviewed to discharge supervisory duties.

11:00 11:30

Coffee Break The IASBs Conceptual Framework

Michael Wells, Director, IFRS Education Initiative, IASB Objective: Understand: 1) the objective of IFRS financial reporting; 2) how the IASB thinks; and 3) how entities account for a transaction when there is no specific IFRS requirement for a particular transaction.

13:00

Lunch

Understanding IFRS Judgments and Estimates

14:00 Case Study: Judgments When There Is No Specific IFRS Requirement
Michael Wells, Director, IFRS Education Initiative, IASB Objective: Understand the judgments made when accounting for a transaction for which there is no specific IFRS requirement.

14:45

Case Study: Non-financial Assets (NFAs)

Michael Wells, Director, IFRS Education Initiative, IASB Objective: Understand the judgments to: 1) identify NFAs, 2) classify NFAs, and 3) calculate estimates to account for NFAs.

15:30 16:00

Coffee Break Case Study: NFAs - Continued

Michael Wells, Director, IFRS Education Initiative, IASB

17:00 19:30

Grand Danube River Cruise (incl. Dinner) End of Day 1

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Tuesday 4 June 2013 - Day 2

Understanding IFRS Judgments and Estimates
9:00 IFRS Enforcement Issues
David Grnberger, Head, Accounting & Regulatory Monitoring, Austrian Financial Market Authority (FMA) Objective: Learn the FMAs challenges in monitoring financial statements and its role in enforcing IFRS starting from 1 July 2013.

9:45

Regulating Entities Filing IFRS Financial Statements: A Former Bank Regulators Experience
Amaro Gomes, Board Member, IASB Objective: Learn from the experience of former bank regulator at the Central Bank of Brazil.

10:30

Coffee Break

11:00

Case Study: Liabilities

Amaro Gomes, Board Member, IASB Michael Wells, Director, IFRS Education Initiative, IASB Objective: Understand the judgments to: 1) Identify liabilities, 2) classify liabilities, and 3) make estimates to account for liabilities.

12:30

Lunch

Update on New IFRS Requirements

14:00 IFRS Update: IFRS 13 Fair Value Measurement
Mariela Isern, Senior Technical Manager, IASB Chris Spall, Partner, KPMG Objective: Understand: 1) the fair value measurement objective, 2) brief summary of IFRS 13, and 3) fair value in IFRS.

14:45

Case Study: Fair Value Measurement

Mariela Isern, Senior Technical Manager, IASB Chris Spall, Partner, KPMG Objective: Understand the judgments and estimates to measure the fair value of financial instruments in accordance with IFRS 13.

15:30

Coffee Break IFRS Update: IFRS 10 Consolidated Financial Statements (Including Investment Entities), IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities
Mariela Isern, Senior Technical Manager, IASB Amaro Gomes, Board Member, IASB Objective: Understand: 1) the main changes from previous IFRS, 2) the main principles in new IFRS, and 3) the main judgments in applying the new IFRS principles.

16:00

17:30

End of Day 2

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Wednesday 5 June 2013 - Day 3

Accounting for Financial Instruments in Accordance with IFRS Applicable on 1/1/2013 without Early Adoption
9:00 Study of Non-performing Loans across Europe
Stephan Barisitz, Senior Economist, Oesterreichische Nationalbank Objective: Review the definitions of non-performing loans from a regulatory perspective across Europe.

9:45

Regulating Entities Filing IFRS Financial Statements: A former Securities Regulators Experience
Philippe Danjou, Board Member, IASB Objective: Learn from the experience of former securities regulator of entities filing IFRS financial statements.

10:30

Coffee Break

11:00

Accounting for Financial Instruments in Accordance with IAS 39 (Including Quiz and Discussion)
Darrel Scott, Board Member, IASB Objective: Understand: 1) the main requirements of IAS 39, and 2) the main judgments in applying IAS 39.

12:30

Lunch

Presenting and Disclosing Financial Instruments in Accordance with IFRS

14:00 Presenting and Disclosing Financial Instruments in Accordance with IAS 32 and IFRS 7 (Including Quiz and Discussion)
Philippe Danjou, Board Member, IASB Objective: Understand: 1) the main principles and judgments in presenting financial instruments in accordance with IAS 32, and 2) disclosing financial instruments in accordance with IFRS 7.

15:30

Coffee Break

Case Studies: Accounting for Financial Instruments in Accordance with IFRS Applicable on 1/1/2013 without Early Adoption
16:00 Case Study: Classifying Financial Instruments in Accordance with IAS 32
Philippe Danjou, Board Member, IASB Objective: Understand the judgments and estimates to present financial instruments in accordance with IAS 32.

16:45

Case Study: Hedge Accounting in Accordance with IAS 39

Darrel Scott, Board Member, IASB Objective: Understand the judgments and estimates when hedge accounting applies in accordance with IAS 39.

17:30

End of Day 3

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Thursday 6 June 2013 - Day 4

IASBs Project to Improve Accounting for Financial Instruments: IFRS 9, Active Projects and CRD IV
9:00 New Reporting Requirements: CRD IV and the Regulation
Erik van der Plaats, Senior Policy Officer, Financial Institutions Unit, DG Markt, European Commission Objective: Enhance understanding of CRD IV and new reporting requirements.

9:45

Reconciling IFRS Financial Reporting with Regulatory Filings - A former CFOs Experience
Darrel Scott, Board Member, IASB Objective: Learn from a former CFOs experience in reconciling financial reporting with regulatory filings.

10:30

Coffee Break

11:00

Accounting for Financial Instruments in Accordance with IFRS 9 (Including Quiz and Discussion)
Darrel Scott, Board Member, IASB Objective: Understand the main: 1) changes from IAS 39, 2) principles underpinning IFRS 9, and 3) judgments in applying IFRS 9.

12:30

Lunch

IASBs Project to Improve Accounting for Financial Instruments

14:00 IASBs Project to Replace IAS 39 Impairment of Financial Assets (Including Quiz and Discussion)
Darrel Scott, Board Member, IASB Objective: Understand: 1) the main changes from IAS 39 being developed/proposed, 2) the main principles in the new requirements being developed/proposed, and 3) the main judgments that would be necessary to apply these requirements being developed/proposed.

15:30 16:00

Coffee Break New General Hedge Accounting Requirements (Including Mini Case Study)
Darrel Scott, Board Member, IASB Objective: Understand: 1) the main changes from the 'old' requirements, 2) the main new 'principles', and 3) the main judgments in applying the new requirements.

16:45

IASBs Project to Replace IAS 39 Macro Hedging

Darrel Scott, Board Member, IASB Objective: Update the participants with the IASBs progress on macro-hedging.

17:30

Closing on Financial Instruments and Banking

Pascal Frrejacque, Senior Operations Officer, World Bank Objective: Understand further needs on banking issues in terms of IFRS training and get feedback.

18:00

End of Day 4 End on Financial Instruments and Banking

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Friday 7 June 2013 - Day 5

Special Session for Insurance Regulators
Recent Developments in Accounting and Regulatory Reporting for the Insurance Sector
9:00 Experience Sharing on the Implementation of Solvency 2 and Linkages with IFRS
Christoph Krischanitz, Chairman, Investment and Financial Risk Committee of the Groupe Consultatif Actuariel Europen (GC); President, Actuarial Association of Austria (AV) and Member, Austrian Financial Reporting and Auditing Committee (AFRAC); Managing Director, Arithmetica Werner Matula, Chief Actuary, Vienna Insurance Group (VIG); Managing Director, Arithmetica

Objective: Learn challenges and opportunities of implementing IFRS and Solvency II framework in an international insurance group.

9:45

Accounting for Insurance Contracts in Accordance with IFRS 4

Darrel Scott, Board Member, IASB Andrea Pryde, Technical Principal, IASB Objective: Enhance understanding of main principles, judgments and estimates in accounting for insurance contracts under IFRS 4.

10:30

Coffee Break

11:00

IASBs Insurance Contracts Project

Darrel Scott, Board Member, IASB Andrea Pryde, Technical Principal, IASB Objective: Enhance understanding of the main: 1) proposed changes from the old IFRS 4, 2) principles underpinning the proposal for the Insurance Contracts project, and 3) judgments and estimates that would be necessary in applying the new principles.

12:00

Closing of Workshop
Pascal Frrejacque, Senior Operations Officer, World Bank Objective: Understand further needs on insurance issues in terms of IFRS training and get feedback.

12:30

Lunch End on Insurance Contracts and Insurance

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Venue
DiplomaticAcademyofVienna Favoritenstrasse15a 1040Wien,Austria

UndergroundLine:U1,Station:Taubstummengasse HotelJohannStrau Favoritenstrasse12 1040Wien,Austria HotelDasTriest WiednerHauptstrasse12 1040Wien,Austria

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Bios of the Speakers

Stephan Barisitz SeniorEconomist,OesterreichischeNationalbank StephanBarisitzisSeniorEconomistintheForeignResearchDivisionofthe OesterreichischeNationalbank.HejoinedtheOeNBinDec1998andfocuseson countryresearchandmonitoringofRussia,CIS,SouthEasternEurope,aswellason bankingandfinancialsectoranalysis.In2008,Stephanpassedhishabilitationexam(Privatdozent)in economichistoryattheViennaUniversityofEconomicsandBusiness(WUWien).Hishabilitation thesisdealswithbankingtransformationinCentralandEasternEuropeinthelastthreedecades.He hassincehasbeenlecturerattheInstituteforEconomicandSocialHistory. BeforecomingbacktoViennain1998,StephanworkedforthreeyearsasaneconomistattheOECD inParis,where,togetherwithacolleague,haswasinchargeoftheRussiaCISBulgariaDeskofthe OECDEconomicsDepartment.Beforethathewasfrom1992to1995withtheAustrianInstitutefor EastandSouthEastEuropeanStudies(OSI),Vienna,responsibleforeconomicresearchandediting ofInstitutepublications.StephanstartedouthiscareerasaneconomistattheViennaInstitutefor ComparativeEconomicStudies(wiiw)in1986.StephanhadstudiedeconomicsattheUniversityof Innsbruck,Austria,and,afteraresearchstayatCarletonUniversity,Ottawa,passedhisdoctorate thesameyear.

Philippe Danjou BoardMember,IASB UntilhisappointmenthewasthedirectoroftheaccountingdivisionoftheAutorit desMarchsFinanciers(AMF),theFrenchsecuritiesregulator.Hegraduatedfrom HEC,thenqualifiedasaCharteredAccountantandRegisteredStatutoryAuditor,and joinedArthurAndersen&Co.(Paris)in1970. AtArthurAndersen,Mr.Danjouultimatelybecameanauditpartner.HewasalsoExecutiveDirector oftheFrenchOrdredesExpertsComptables(OEC)from1982until1986. Mr.DanjouwasamemberoftheInternationalAuditingPracticesCommitteeandatechnicaladviser totheFrenchdelegatetotheformerInternationalAccountingStandardsCommittee,the predecessortotheIASB. WhileattheAMFheservedontheIASB'sStandardsAdvisoryCouncil,asanobserveratthe CommitteeonAuditingoftheEuropeanCommission,asamemberofIOSCO'sStandingCommittee1 onMultinationalAccountingandDisclosure,andtheFinancialReportingCommitteeofthe CommitteeofEuropeanSecuritiesRegulators(CESRFin). In2006,hewasappointedchairmanoftheEuropeanEnforcersCoordinationSessionscreatedby CESRFintohelpfosterconsistentenforcementbyregulatorsofIFRSbasedfinancialstatements.

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Henri Fortin Head,CentreforFinancialReportingReform,WorldBank MrFortinistheHeadoftheWorldBankViennaCentreforFinancialReportingReform (CFRR) since January 2011. Between 2003 and 2010, he led the World Banks analytical and advisoryactivities incorporatefinancialreporting forthe LatinAmerica and Caribbean (LAC) Region. His responsibilities included in particular (i) the preparation of ROSC reports on Accounting and Auditing, (ii) a number of technical assistance projects to assist partner countries in implementing ROSC recommendations and (iii) the CReCER (Spanish acronym for Accounting and Accountability for Regional Economic Growth) initiative in cooperation with international standardsetters, the accounting profession and key development partners. He also participated in a number of Financial Sector Assessment Program missions and worked on projects relatedtopublicfinancialmanagementandgovernanceofstateownedenterprises. Mr Fortin also represented the World Bank on the International Accounting Standards Boards SME working group which assisted the IASB in developing global financial reporting standards for small entities, the IFRS of SMEs. He currently represents the Bank on the IFRS of SMEs Implementation Group. Before joining the World Bank in 2003, Mr Fortin was directeur associ in the audit and business advisory division of Barbier Frinault, the French practice of Arthur Andersen, which he had joined in March 1991. Prior to that he was a deputy commercial attach at the French Embassy in Brazil (19891990). He has M.Sc. in management from HEC Paris (1989) and the Diplme dEtudes SuprieuresComptablesetFinanciresissuedbytheMinistryofEducationofFrance. Pascal Frrejacque SeniorOperationsOfficer,CentreforFinancialReportingReform,WorldBank PascalhasledAccountingandAuditingReportontheObservanceofStandardsand Codesassessmentsinanumberofcountriesandadvisesgovernmentsonthedesign andimplementationofcorporatefinancialreportingreforms. HebringstotheBankmorethan20yearsofinternationalexperienceinaccountingandauditingin thebankingsector,havingworkedattheIMFandinternationalaccountingfirms.Asaformeraudit leadmanagerforlargebankinggroupsandhavingmanagedcorporatefinanceassignmentsatArthur AndersenandErnst&Young,Pascalhasanindepthunderstandingofthefinancialsector.He startedhiscareerworkingforaprivateconsultancy,conductingvaluationandM&Aduediligences forlargecorporations.

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Amaro Luiz de Oliveira Gomes BoardMember,IASB AmaroLuizdeOliveiraGomes,formerHeadofFinancialSystemRegulation DepartmentoftheCentralBankofBrazil,joinedtheIASBasafulltimememberon 1July2009forafiveyearterm. AsaseniorofficialattheCentralBankofBrazil,Mr.Gomesplayedaleadingroleintheadoptionof InternationalFinancialReportingStandards(IFRS)inBrazil.AttheCentralBankofBrazil,heoversaw theintroductionofIFRSforregulatedfinancialinstitutions.Hehasalsoservedasamemberofthe twobodiesplayingtheleadingroleinintroducingIFRSintoBraziltheBrazilianComitde PronunciamentosContbeis(CPC)andtheSteeringCommitteeforAccountingConvergenceBrazil (ComitGestordaConvergncianoBrasil)createdbytheBrazilianFederalAccountingCouncil (ConselhoFederaldeContabilidade). Mr.Gomeshasinthepastbeenanactiveparticipantineffortsaimedatinternationalregulatory cooperation.HeservedontheAccountingTaskForceoftheBaselCommitteeonBanking Supervision.HealsorepresentedtheCentralBankofBrazilintheMERCOSURSubGroupIV FinancialServicesIntegration,ascoordinatoroftheCommissiononFinancialServicesandtheSub CommissiononAccountingIssues;andfrom1999to2003wastherepresentativeinthe IntergovernmentalWorkingGroupofExpertsonInternationalStandardsofAccountingand Reporting(ISAR),undertheauspicesoftheUNO/UNCTAD. Inhiscareerasafinancialsystemregulator,Mr.Gomeswasdirectlyinvolvedintheconvergenceof Brazilianprudentialregulationwithinternationalstandardsandbestpractices,suchasthe implementationofthe25CorePrinciplesforEffectiveBankingSupervisionandBaselII.Inthisrole heparticipatedinseveralregulationandpolicyforums,includingthePolicyDevelopmentGroup (PDG)oftheBaselCommitteeonBankingSupervision,representingtheAssociationofSupervisorsof BanksoftheAmericas(ASBA).

David Grnberger Head,Accounting&RegulatoryMonitoring,AustrianFinancialMarketAuthority (FMA) Dr.DavidGrnbergerleadstheteamforaccountingandIFRSenforcementinthe AustrianFinancialMarketAuthorityinVienna.Hefocusesonthefinancialreportingof listedcompaniesandbankingregulation. HeholdsaUSCPAlicense,teachesattheViennaUniversityofEconomicsandpublishedmanybooks andpapersoncurrentaccountingtopics. HerepresentstheFMAintheEuropeanEnforcementCoordinationSessionsatESMAandthe EuropeanAccountingRegulatoryCommitteeattheEuropeanCommission.

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Mariela Isern SeniorTechnicalManager,IASB MarielajoinedtheIASBasaTechnicalManagerinDecember2007.Shehasworkedon theJointVenturesprojectwhichledtothepublicationofthestandardIFRS11Joint ArrangementsinMay2011.SincethenshehasbeeninvolvedintheFairValue Measurementproject.MarielawasemployedpreviouslybyKPMGSpainwheresheworkedinthe auditpracticeforsevenyears,includingtwoyearsintheUSwhereshebecameaCertifiedPublic Accountant.Morerecently,sheworkedasaFinancialAccountantinthegroupreportingdepartment ofVodafoneandasaFinancialAnalystattheRoyalBankofScotland. MarielaholdsabachelorsdegreeinBusinessAdministrationfromtheUniversidadPompeuFabrain BarcelonaandaMastersinFinancefromtheLondonBusinessSchool.

Christoph Krischanitz Chairman,InvestmentandFinancialRiskCommitteeoftheGroupeConsultatif ActuarielEuropen(GC);President,ActuarialAssociationofAustria(AV);Member, AustrianFinancialReportingandAuditingCommittee(AFRAC;andManagingDirector, Arithmetica SinceJune2002,ChristophKrischanitzistheManagingDirectoroftheArithmeticaVersicherungs undfinanzmathematischeBeratungsGmbHinVienna.Mr.Krischanitzgraduatedwithadegreein mathematicsfromtheUniversityofViennaandsince2000heisafullMemberActuaryofthe ActuarialAssociationofAustria(AV). SinceMay2008,heservesasthePresidentoftheAVandsinceOctober2011heistheChairmanof theInvestmentandFinancialRiskCommitteeoftheGroupeConsultatifActuarielEuropen (EuropeanAssociationoftheActuarialProfession),furthermoreheisadelegatetoseveral committeesoftheInternationalActuarialAssociation(IAA). InAustria,Mr.KrischanitzchairsthemathematischstatistischeKomiteeandtheStresstest WorkingGroupoftheAustrianInsuranceAssociation(VVO).HeisalsoaLecturerfortheactuarial scienceattheTechnicalUniversityofVienna,theUniversityofAppliedSciencesBFIVienna,theWU ExecutiveAcademyandtheEuropeanActuarialAcademy(EAA).SinceJanuary2005,Mr.Krischanitz isaMemberoftheAustrianFinancialReportingandAuditingCommittee(AFRAC)andfrom2005to 2008hewasaMemberoftheEuropeanFinancialReportingAdvisoryGroup(EFRAG)WorkingGroup PensionsAccounting.

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Johanna Lincoln Consultant,CentreforFinancialReportingReform,WorldBank Ms.JohannaLincolnjoinedtheWorldBankinViennaasaConsultant.Priortojoining theWorldBank,JohannaworkedasanInvestmentBankeratHSBCGlobalBankingand Marketsonvariousequityanddebtcapitalmarkettransactionsandstrategic alternatives.Priortothat,JohannaworkedasanActuarialAssociatewithTowersPerrininLondon wheresheperformedpensionvaluationsandadvisedFTSE100companiesontheirpensionand benefitschemes. JohannareceivedaMasterinFinancewithMeritfromtheLondonSchoolofEconomics.Inaddition, sheholdsaMasterinEconomicsandManagementfromtheUniversitParisDauphine.Johannaisa LicensedInvestmentProfessionalbytheFrenchFinancialMarketAuthorityandcurrentlya CandidatefortheLevel3oftheCharteredFinancialAnalyst(CFA)program. Werner Matula ChiefActuaryofViennaInsuranceGroup;ManagingDirector,Arithmetica AftergraduatingActuarialandFinancialMathematicsandathreeyearscientific engagementattheViennaUniversityofTechnology,Mr.WernerMatulajoinedthe ViennaInsuranceGroupin2005asanActuary.In2007,Mr.Matulawasdelegatedto oneofthegroup'sRomaniansubsidiaries,takingcareofthelifeinsuranceactuarialwork. Mr.MatulaisfullqualifiedmemberoftheAustrianActuarialAssociation(AV)andManaging DirectorofArithmeticaVersicherungsundfinanzmathematischeBeratungsGmbHinVienna. Since2010,WerneristheChiefActuaryoftheViennaInsuranceGroup,mainlyresponsibleforthe EmbeddedValuereporting,actuarialcontrolling,performancemanagement,Solvency2,mergers& acquisitionsandthegroup'sactuarialnetwork.

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Andrea Pryde TechnicalPrincipal,IASB AndreaPrydeisaTechnicalPrincipalattheInternationalAccountingStandardsBoard (IASB),theprivatesectorindependentbodyresponsiblefordevelopingasinglesetof highqualityInternationalFinancialReportingStandards(IFRS)forusethroughouttheworld. AndrealeadstheIASB'sprojectoninsurancecontracts.Shehasabroadrangeofstandardsetting experience,havingjoinedthestaffoftheIASBin2001.Inthattimeherresponsibilitieshaveincluded finalisingImprovementstoIFRS(akeystepintheEUsdecisiontoadoptIFRSin2005),developing andfinalisingIFRS7FinancialInstruments:Disclosures(theIASBsfirstprinciplesbaseddisclosure standard),writingpartIofIFRS9FinancialInstrumentsandtheexposuredraftLeasesandleading theIASBsprojectonpostemploymentbenefits. PriortojoiningtheIASB,AndreawasemployedbyAnderseninLondon,firstinaclientfacing assuranceroleandtheninUKtechnicalpolicy.AndreaisaqualifiedmemberoftheInstituteof CharteredAccountantsinEnglandandWales.Shealsoholdsanhonoursdegreeinchemicalphysics fromEdinburghUniversityandapostgraduatequalificationinchemistryfromCambridgeUniversity.

Darrel Scott BoardMember,IASB DarrelScottwasformerlyCFOoftheFirstRandBankingGroup,oneofthelargest financialinstitutionsinSouthAfrica.Hehadresponsibilityforbothstatutoryand regulatoryfinancialreportingundertheBaselIIAccordsandservedonvarious Governance,Risk,OperationandStrategicCommitteesoftheGroup. Mr.ScottwasalsoamemberoftheIASB'sInternationalFinancialReportingInterpretations Committee(IFRIC),apositionfromwhichheresignedtobecomeanIASBmember,andwasformerly amemberoftheIFRSFoundation'sStandardsAdvisoryCouncil(SAC),nowcalledtheIFRSAdvisory Council.

Chris Spall Partner,KPMG ChrisworksintheKPMGnetworksInternationalStandardsGroupinLondonandisa memberofKPMGsglobalIFRSfinancialinstrumentsandinsurancetopicteams.Heis alsoapartnerinKPMGintheUKsUSAccountingandReportingGroup,providing supporttoengagementteamsonbankaudits.Hepreviouslyworkedintheprofessionalpractice departmentofKPMGintheUSinNewYorkandhasover20yearsexperienceinaccountingand auditing.

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Regional IFRS Workshop for Regulators, 3-7 June, 2013, Vienna

Erik van der Plaats SeniorPolicyOfficer,FinancialInstitutionsUnit,DGMarkt,EuropeanCommission ErikvanderPlaatshasbeenworkinginthebankingUnitsince2008.Hismainfocusis onbankaccounting.ErikwassecondedfortwoyearsasaSeniorFinancial ManagementSpecialistwiththeWorldBankfrom2006till2008whereheworkedon privatesectorfinancialreportinginEuropeandtheCentralAsiaRegion.From1995to2006Erik workedattheEuropeanCommissionmainlyonfinancialreportingandauditpolicymakingatDG InternalMarket.PriortojoiningtheEuropeanCommission,Erikworkedforsixyearsasan independentconsultantonfinancialmanagementand3yearsasanexternalauditor.Erikholdsa mastersdegreeinbusinesseconomicsfromtheFreeUniversityofAmsterdamandqualifiedasa registeredauditor(RA)withRoyalNIVRAoftheNetherlands. Martn Vzquez Surez SeniorFinancialSectorSpecialist,WorldBank MartnVzquezSurezjoinedtheWorldBankinFebruary2010asseniorfinancial sectorspecialistintheFinancialandPrivateSectorDevelopmentVicePresidency.In thispositionhewasresponsibleforthecoordinationwiththeFinancialStabilityBoard andhecurrentlyrepresentstheBankattheFSBSupervisoryIntensityandEffectivenessgroup,which preparedtheFSBrecommendationsonGlobalSystemicallyImportantFinancialInstitutions(GSIFIs). MartnhasparticipatedinseveralWorldBankIMFFinancialSectorAssessmentProgram(FSAP) jointmissionsassessingthequalityofbankingregulationandsupervisioninexaminedcountries. PreviouslyheservedeightyearsasBankofSpainsinspectorandasadvisortotheDirectorGeneral ofSupervision.In2008,hewassecondedtotheEuropeanCentralBankasfinancialsupervision experttoprovidetheDirectorGeneralofFinancialStabilitywithanalysisandadviceonaccounting andsupervisoryissues. HeholdsaPh.D.inBankingEconomicsfromtheUniversidadAutnomadeMadridandisCertified AccountantofSpainsince2006.

Michael Wells Director,IFRSEducationInitiative,IASB MichaelleadstheEducationInitiativeoftheIFRSFoundation.HequalifiedasaSouth AfricanCharteredAccountantwithErnst&Youngbeforebeingsecondedtoworkout ofthefirm'sDetroitoffice. Hesubsequentlyjoinedtheacademicworld,andbecametheAssociateProfessorresponsibleforthe financialaccountingsectionofaSouthAfricanUniversity.Healsoservedasanindependent evaluatorofprofessionalqualifyingexaminations. Heisamemberofanumberofinternationalaccountancyeducationadvisorygroups.

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