On 10 August 2011 the 2nd Module of All-Ukrainian Training and Career Development Program of CFO's and Chief Accountants at Insurance Companies in terms of International Financial Reporting Standards (IFRS) commenced.

The opening speech was delivered by Valentina Levchenko, Deputy Head, State Commission for Regulation of Financial Services Markets in Ukraine, and Irina Kravchenko, Pro-Rector, University of banking of the National Bank of Ukraine. The speakers stressed in their speeches the importance of IFRS implementation in terms of the European integration of Ukraine, which will make Ukrainian financial institutions more transparent and attractive.

The 2^nd Module was opened by Vitaliy Havrysh, Manager of Audit Department, Baker Tilly Ukraine LLP, with the lecture on "Financial Instruments" in the course of which the scope of IFRS regarding financial instruments, their classification, accounting and disclosures were addressed. The participants took an active part in discussing such issues as the definition of fair value, the use of amortized cost in the accounting, tax aspects of financial instruments ownership.

"The financial companies, which include insurance companies, have the major part of the balance sheet presented by financial instruments. The adequate accounting and full disclosure regarding financial instruments are the key components of the transition of the Ukrainian financial sector to IFRS"- emphasised Vitaliy Havrysh.