Small and Medium Enterprises (SMEs) play a pivotal role in driving economic growth, fostering innovation, and creating employment opportunities. Despite their significant contribution, SMEs often face unique challenges in various aspects, particularly in financial reporting. The lack of standardized financial practices can lead to difficulties in accessing finance, complying with regulatory requirements, and maintaining transparent and reliable financial statements.

The Nepal Financial Reporting Standards (NFRS) for Small and Medium-sized Entities (SMEs) i.e. NFRS for SMEs standards were approved by the Accounting Standards Board, Nepal, on 12th April 2017, and pronounced by the Institute of Chartered Accountants of Nepal (ICAN) to be effective from 17th July 2019. However, ICAN later extended the mandatory effective date to 17th July 2023, making NFRS for SMEs mandatory applicable from the fiscal year 2023-24 (i.e FY 2080-81)

Recognizing the challenges faced due to mandatory implementation of these standards, our training course on "NFRS for SMEs" is meticulously designed to provide with a comprehensive understanding of the Nepal Financial Reporting Standards (NFRS) for SMEs tailored specifically to their needs. The course will explain the complexities of NFRS for SMEs and equip participants with practical knowledge and tools to implement these standards effectively.

This training session, conducted online via Zoom, offers a convenient and interactive platform for learning. It will serve as a practical guide to help SMEs transition smoothly to NFRS for SMEs standards, ensuring compliance and leveraging the numerous benefits of standardized financial reporting.

The course content is structured to address the specific challenges faced by SMEs during the transition to NFRS for SMEs standards, such as understanding categorization thresholds, identifying major gaps, and overcoming implementation obstacles. Participants will gain insights into the nuances of NFRS for SMEs, from the recognition and measurement of financial elements to the details of first-time adoption guidelines.

By investing in this training, Accountants, Accounts Officers, Finance Manager, Auditors, and Aspirants individuals wants to make career in Accounting, can enhance their knowledge on financial reporting standards particularly required by SMEs through NFRS for SMEs, thereby contributing to their overall growth and sustainability in the competitive business environment.


Course Content

This comprehensive training on "NFRS for SMEs" is designed to equip small and medium enterprises with the necessary knowledge and skills to implement the Nepal Financial Reporting Standards (NFRS) for SMEs effectively. The topics covered in the sessions are:

Day 1
1.    Introduction to NFRS based financial reporting framework.
2.    Categorization thresholds for large entities, SMEs and MEs.
3.    Major gaps upon transition to NFRS including:
       a)    Property, plant and equipment.
       b)    Employee benefit expenses

Day 2

3.    Major gaps upon transition to NFRS including:
       c)    Financial instruments
       d)    Taxation
       e)    Foreign exchange transactions.
4.    Challenges on NFRS implementation and the way out.
5.    First time adoption guidelines.


Methodology of Training

Below is the basis modality for the delivery of the training:

·         Webinar presentation by Trainer

·         Interactive Activities through Polls and Q/As


Benefits

  • Resource files and template will be provided
  • Certificate of Participation will be provided

WHO SHOULD ATTEND

SME owners, Finance Managers, Finance Officers, Accountants, Auditors of SMEs and Aspirant Individuals who wants to make career in Accounting

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Mr. Prabin Baral

(Fellow Chartered Accountant (FCA))

Resource Person

Mr. Prabin Baral is a highly accomplished professional with a wealth of expertise in accounting and finance. Holding the esteemed designation of Chartered Accountant from both the Institute of Chartered Accountants of India (ICAI) and the Institute of Chartered Accountants of Nepal (ICAN), Mr. Prabin brings a strong foundation of knowledge and skills to his practice. Additionally, he holds a Bachelor of Commerce degree from Indira Gandhi National Open University (IGNOU), further solidifying his academic credentials.

 

With a distinguished career spanning several years, Mr. Prabin currently serves as the Principal at B.P. Associates, Chartered Accountants, located in Kathmandu. In this capacity, he has amassed extensive experience in various facets of financial management, including NFRS implementation, tax advisory, statutory audits, and financial consulting. His adeptness in these areas has earned him recognition as a trusted advisor among clients and peers alike.

Mr. Prabin's expertise extends beyond his role at B.P. Associates, as he actively contributes as a resource person for numerous prestigious organizations. He has lent his insights and knowledge to entities such as the Institute of Chartered Accountants of Nepal, the Ministry of Finance, the Public Expenditure and Financial Accountability (PEFA) Secretariat, and Auditors Associations of Nepal. Through his training sessions and consultations, Mr. Prabin has played a pivotal role in shaping the financial landscape and empowering professionals to navigate complex financial environments effectively.

Key Takeaways

  • Understand the NFRS for SMEs framework and its applicability to SMEs.
  • Identify and categorize entities as per NFRS thresholds.
  • Address major gaps and challenges during the transition to NFRS for SMEs.
  • Implement NFRS for SMEs effectively within the organization.
  • Apply first-time adoption guidelines accurately.
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