12 November 2012

Gambia: DT Associates, Executive Group Organise IFRS Workshop

DT ASSOCIATES in partnership with EXECUTIVE GROUP Limited held a five-day training workshop on International Financial Reporting Standards (IFRS) with experts from Deloitte Central Europe's IFRS Team, at Ocean Bay Hotel and Resort from the 5th - 9th November 2012.

Samolink and Krzysztof Supera from Deloitte, Poland, delved into all aspects of the latest IFRS standards, updates and recommendations. The training workshop is the first ever of its kind in this country organized by these two coveted national institutions of excellence and service, to update and equip our Finance directors, Audit directors, senior Audit and Finance managers, managers, auditors, regulators, Risk and Compliance personnel in our institutions; be they public, private, philanthropist, NGO based, etc across the length and breath of our country.

It is of great significance to note that the world is now moving into consolidating, unifying and integrating the reporting of financial information as present in companies' statements of financial results or balance sheets; profit and lost accounts, cashflow analysis and all other data that have to deal with the manner and way we communicate financial information to our diverse and varied stakeholders across countries, continents and listing stock markets globally. Great strides have been registered in bringing the USA GAAP in line with IFRS, with the USA being the single biggest trading bloc in the world today.

As earlier reiterated by the Governor of the Central Bank of The Gambia, Amadou Colley, on the opening ceremony, "a wind of change is blowing in the reporting of financial data and The Gambia cannot be isolated, and that makes it the more important to have such defining and strategic workshops on our soil."

The people who work in finance and finance-related capacities and users of financial data will attest to the fact that the much Exposure Drafts, articles, IFRS meetings, IFRS workshops, etc have taken place all over the world, with Europe in the lead to synchronise the reporting of financial data. Its uses and importance cannot be over-emphasised as it boosts investments across frontiers by assuring investors and interested parties that companies are reporting the correct set of financial data and they can rely on those information and data to make investment and finance decisions.

In conclusion, Cherno Barry, senior partner, DT ASSOCIATES, reiterated the fact that his institution is dedicated to the gradual enforcement of IFRS and that they will not relent but will work with all stakeholders in making the practice of reporting financial data by the dictates of IFRS a reality in The Gambia.

SSHFC, Central Bank of The Gambia, Trust Bank, Gamtel, Gamcel, GCAA, ECOBANK, Zenith Bank, Bank PHB, DT Associates, Arab Gambian Islamic Bank, Guaranty Trust Bank, The Gambia Tourism Board, Prime Bank, GIA, Standard Chartered Bank, were among the over 20 institutions represented.

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