On October 8-9, 2013 a master class on IFRS "Framework-based teaching of IFRSs — Assets, Liabilities, Choice of Accounting Policy" was held in Moscow. The event was organized by the NOFA Foundation and the Institute of Professional Accountants (IPB) of Russia.

The Institute of professional development of specialists of Financial University under the Government of the Russian Federation and Ernst & Young became co-organizers of the master class. Master-class was carried out by representatives of International Financial Reporting Standards Foundation (IFRS Foundation).

Opening the master class, O. V. Kuznetsov, Director of additional professional education of Financial University under the Government of the Russian Federation, noted the importance of studying of International Financial Reporting Standards in Russia. P.S. Seleznev, Director of international cooperation of Financial University under the Government of the Russian Federation, emphasized the significance and uniqueness of the master class, as the event carried out by representatives of IFRS Foundation.

"Training of experts and, first of all, teachers of IFRS completely answers the objectives and policy of the Institute of Professional Accountants of Russia which is active on distribution of knowledge of the International standards", – told E.I. Koposova, Director of IPB of Russia, in her welcoming speech. She also reported that IPB of Russia made the decision to organize additional master classes on IFRS on their own and with the assistance of partners as members of Institute showed high interest to this event.

A.O. Birin, Chairman of the National Accounting Standards Board (NASB) of the NOFA Foundation, reminded that the Conceptual framework, though aren't the obligatory document for application, are extremely important for understanding of International Financial Reporting Standards. Finishing introductory part, D.E. Weinstein, a Management Board member of the NOFA Foundation and Partner of the EY company, pointed to the increased need of business for the qualified IFRS specialists.

Moderators of the master class, Michael Wells, the director of IFRS training group, IFRS Foundation, and Darrel Scott, a member of IASB, showed the highest level of teaching. Their explanations on cases, detailed answers to questions and the attentive attitude towards each listener were noted by all participants of the master class, and situational games caused a keen interest.

The first day was devoted to ideas of Framework-based teaching and training materials on "Fixed assets". Levels of studying of IFRSs - from initial to profound - were also considered on that day. On the second day participants of the master class considered questions of choice of accounting policy and financial liabilities.

Under the agreement with IFRS Foundation, IPB of Russia will publish training materials of this master class on the website (www.ipbr.org).