Ethiopian Sugar Corporation Staff Take Training in IFRS

12222Ethiopian Sugar Corporation in collaboration with the College of Business and Economics of Addis Ababa University has organized a capacity building training program on International Financial Report Standards to its staff of finance.  200 employees from existing  and  audit six sugar factories and three sugar development projects including the head office have attended the training in two rounds.

During the opening of the training program, College Dean Dr. Yitibarek Tekle welcomed trainees and thanked the accounting and finance department staff on facilitating such a platform for industry and academic linkage. Ethiopia is currently heading towards a system of capital intensive industries that needs internationally accepted Financial Report, he also stated. He went on to explain that organizing such trainings is vital as IFRS will help employees scale up their attitude to the global Financial Report Standard.

IFRS is originated in the European Union with the intention of making business affairs and accounts accessible across the continent. The idea quickly spread globally as a common language that allowed greater communication worldwide. Although only a portion of the world uses IFRS, participating countries are spreading all over the world rather than being confined to one geographic region. Currently, about 120 countries use IFRS in some way.

Two hundred employees of Sugar Corporation have taken part in the three round IFRS training program held at Addis Ababa University.