Overview    

The third Edition of the IFRS for SMEs Standard became effective on 27 February 2025. The revised standard introduces significant updates, particularly in the areas of revenue recognition, fair value measurement, and the recognition of assets and liabilities.  

In close succession, the Commissioner of CIPC issued a notice on 12 May 2025 warning companies about the statutory requirement for fair presentation of annual financial statements and compliance with the Companies Act 71 of 2008.  

Join Caryn Maitland CA(SA) on 29 July 2025 from 10h00 to 12h00 for a focused, practical webinar to walk you through the structure of the third edition of the IFRS for SME standard, learn key disclosure requirements, and get expert guidance on how to apply these changes effectively in your practice when drafting financial statements.  

Learning objectives   

Attending this webinar will equip you with the following skills:  

• Navigate the restructured third edition of IFRS for SMEs, understanding its expanded scope and how the new principles-based approach affects your clients' reporting obligations. 

• Implement the revised revenue recognition criteria, apply updated fair value measurement techniques and correctly classify assets and liabilities under the new definitions. 

• Produce compliant statements of financial position and comprehensive income with focused notes that meet disclosure requirements without overwhelming smaller entity stakeholders. 

• Recognise and sidestep the most common implementation errors that could trigger CIPC scrutiny, with particular attention to materiality thresholds for SME reporting. 

• Create comprehensive, well-structured financial statements that satisfy both assurance engagement requirements and stakeholder needs, reducing review time and potential qualifications. 

• Develop systematic approaches for ongoing compliance that protect your clients from regulatory penalties while positioning your firm as the go-to advisor for IFRS for SMEs expertise. 

Content   

The webinar will cover the following topics:  

• Overview of IFRS for SMEs. 

  • Purpose and scope. 

  • Eligibility criteria (public accountability). 

  • Who are my users and what do they need to know about the company? 

  • Structure and hierarchy of the Standard. 

  • Principles of disclosure under IFRS for SMEs. 

  • Focus on transparency from a Companies Act perspective. 

• Preparing the Primary Financial Statements. 

  • Section 3: Financial Statement Presentation. 

  • Section 4 & 5: Statement of Financial Position (Balance Sheet). 

  • Section 6: Statement of Comprehensive Income. 

  • Section 7: Statement of Changes in Equity and Statement of Cash Flows. 

• Notes to the Financial Statements. 

  • Section 8: Notes – purpose, structure and common oversights. 

  • Standback provision - minimum disclosures vs good disclosure. 

• Key Sections Influencing Measurement and Disclosure. 

  • Section 10: Accounting Policies, Estimates and Errors. 

  • Section 11 & 12: Financial Instruments (basic and fair value measurement). 

  • Section 13: Inventories. 

  • Section 17: Property, Plant and Equipment. 

  • Section 18: Intangible Assets. 

  • Section 20: Leases. 

  • Section 23: Revenue from Contracts with Customers (updated to align with IFRS 15 principles). 

  • Section 29: Income Tax and Deferred Tax (simplified approach). 

  • Section 33: Related Party Disclosures. 

• New and Amended Requirements in the 3rd Edition (2025). 

  • Fair value measurement principles (Section 12). 

  • Revenue recognition framework alignment. 

  • Updated definitions: asset, liability, and control (aligned to 2018 Conceptual Framework). 

• Practical Guidance. 

  • Materiality and aggregation. 

  • Illustrative examples. 

  • Common compliance challenges and errors. 

  • Audit-readiness considerations. 

  • Companies Act considerations with respect to Directors Renumeration and transparency issues. 

Obtaining your CPD certificate  

This training is compliant with the International Education Standard (IES7) issued by the International Federation of Accountants and recognised for CPD by relevant professional bodies including ACCA, CIMA, IAC, IIA, SAICA and SAIPA.  

All attendees are issued with a CPD certificate available in an online profile.    

About the presenter  

Caryn Maitland CA(SA) 

Caryn Maitland is a Chartered Accountant (SA). She has been a member of IRBA as a registered auditor and accountant since 2002 and is also a registered member of SAICA. 

Caryn has lectured Auditing and Accounting at various institutions and has conducted independent workshops and seminars for professional accountants since 2006 on various topics. She has presented on the national tour for the annual Legislation Update with ProBeta Training (Pty) Ltd in 2014 and 2015, as well as on the FASSET national tour for the Tax Administration Act in 2014.  Caryn is also involved with the annual SAICA SMP Technical tour.   

Who should attend?  

The following persons will benefit from attending this webinar:  

• Practising accountants including: CA(SA), Professional Accountant (SA), AGA(SA), FCCA, BAP(SA), BA(SA) and ACCA.  

• Registered auditors.  

• Audit managers.  

• Trainee accountants. 

Price  

• R 450.00 - Online admission - Individual.  

• Group Price 1 - From R337 per person (up to 5 users)   

• Group Price 2 - From R260 per person (up to 10 users)   

• Group Price 3 - From R224 per person (over 11 users)  

Steps to register for the event:   

If you already have a profile, login and register for the webinar.  

If you don’t have a profile, create a free profile then login and register for the webinar.  

Click here to create a free profile (There is no charge to create a profile and gain access to our free Monthly Practice Management Series).  

Click here to find out about the Technical Resource Centre & CPD Subscription options.  

Additional material  

By attending this webinar you will be provided with:  

• A summarised slide presentation.  

• Reference documents and/or course material where available.  

• You can ask questions during the webinar and you will also have access to the presenter after the webinar.    

Corporate training solutions  

At the Accounting Academy, we recognize the evolving needs of businesses in today's dynamic environment. Beyond our standard webinar offerings, we provide tailored corporate training solutions designed to empower your team with the latest in accounting and professional skills. Whether you're looking for online sessions or face-to-face training, our programs are crafted to ensure a comprehensive and engaging learning experience.  

Drawing inspiration from modern training methodologies, our corporate solutions are interactive, adaptable, and focused on real-world applications. We prioritize hands-on learning, ensuring your team can immediately apply their newfound knowledge in practical scenarios.  

Interested in a bespoke corporate training experience? Reach out to us at [email protected] or call 010 593 0466. Together, let's design a training program that elevates your team's capabilities and aligns with your organizational goals.  

Contact us  

Have any questions or need any assistance? Contact us today!  

• Online chat through our website.  

• WhatsApp: Start chatting (+27635026114)  

• Phone: 010 593 0466  

• E-mail: [email protected]