Overview   

Several important principles and considerations exist relating to the recognition of provisions and the disclosure of contingent liabilities / assets in the annual financial statements. The recognition of a provision is not a matter of choice and should be carefully considered.  

Section 21 of the IFRS for SMEs Standard titled Provisions and Contingencies fully covers how this is to be done correctly. Contingent liabilities and contingent assets are both covered in this Standard.   

In this webinar, we delve into the most important principles relating to the accounting treatment of liabilities in the annual financial statements.  

This webinar is part of a series on IFRS for SMEs. The series will cover selected IFRS for SMEs topics that every accounting professional should fully understand in their day to day work. If you are interested in booking for the entire series, click here.  

Learning objectives  

By the end of this event the participant should: 

• Understand the scope of IFRS for SMEs Section 21 Provisions and Contingencies. 

• Understand how and when to recognise provisions in the AFS; 

• Know how to measure provisions initially and subsequently; 

• Understand how to disclose provisions in the AFS; and 

• Know how to practically apply the Standard as a whole.  

Content 

The webinar will cover the following topics:  

• Introduction to IFRS for SMEs Section 21 Provisions and Contingencies: 

  • Scope;  

  • Definitions; and 

  • Overview. 

• What is excluded from the definition of "provision"? 

• Recognition of provisions – How and when?  

• Initial and subsequent measurement of provisions.  

• How to disclose provisions in the AFS. 

Obtaining your CPD certificate 

This webinar qualifies for 2 CPD hours with your professional body including: ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CIS, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by all relevant professional bodies. 

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

About the presenter 

Caryn Maitland CA(SA)

Caryn Maitland graduated in 1998 from the University of Natal, Pietermaritzburg (now UKZN), with a BCom Honours degree in Accounting and completed her articles with KPMG in 2001 and qualified as 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 in Auditing, second and third year subjects, for Varsity College from 1999 to 2001. In 2002, she was appointed as senior lecturer at UKZN and coordinated the Financial Accounting 300 course until June 2006. In addition, she has lectured in Advanced Financial Accounting since June 2006 until December 2011.

Caryn has conducted independent workshops and seminars for professional accountants since 2006 on various topics, and has consulted on a number of technical issues. Since January 2011, she has focused on her own business as technical freelance consultant and trainer. 

Caryn also held the position Editor-in-Chief of an online continual professional development (CPD) website for accounting professional, eCPD Accountancy, having resigned from this post in September 2013.

Caryn 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.  She has also been involved with the SAICA SMP Technical tour (2014 to present).

Who should attend 

The following persons will benefit from attending this webinar: 

• Professional Accountants including: RA(SA), CA(SA),PA(SA) and BAP(SA); 

• Accounting officers;  

• Tax practitioners; and 

• Bookkeepers. 

Price         

• R 475.00 - Online admission - Individual. 

• R 950.00 - Online admission - Company. 

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.