Training on International Financial Reporting Standards (IFRS)

The BCC has adopted the International Financial Reporting Standards (IFRS) as its new financial reporting framework. As a result, the Bank’s financial statements must now be prepared and presented in accordance with these standards.

Following the transition to this new framework, the next step was to ensure that the Bank’s transactions were processed in compliance with IFRS requirements. To achieve this, staff needed to be upskilled in order to master the new accounting standards and their practical application.

In 2024, the BCC had already provided IFRS training to an initial group of managers. Subsequently, the Bank engaged SETYM International to deliver, at its premises, training programmes for three groups of 20 operational staff members and managers from the Accounting and Budget Department.

With a view to enhancing the Board members’ knowledge of IFRS standards, the Central Bank sought the services of a specialised institution. The objective was to provide accounting professionals with an in-depth understanding of the International Financial Reporting Standards (IFRS).

• “All the knowledge acquired during this training will be extremely valuable in helping us produce financial statements that comply with the required standards, as the Accounting Department of the BCC is responsible for preparing these statements. The standards covered were all highly relevant to our Institution’s activities.Given the nature of banking and market operations, and with the modernisation of our trading room, we will be called upon to actively manage our foreign exchange reserves and other financial assets. In this context, IFRS 7 (Financial Instruments) will be particularly beneficial, despite its complexity.”

• “Mr Khouloud is a facilitator who actively engages all participants and ensures that everyone reaches the same level of understanding. He is the best trainer I have encountered throughout my 19 years of professional experience.”

• “Mrs Ousaid has a very clear and in-depth knowledge of IFRS standards and conveys that knowledge exceptionally well in a methodical and professional manner. The course content was extensive, yet it was presented in a well-structured and highly organised way.”