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.
Join Anton van Wyk M.Com, CA(SA) on 18 February 2020 as he explains what IFRS for SMEs Section 21 Provisions and Contingencies is all about.
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.
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.
The webinar will cover the following topics:
Introduction to IFRS for SMEs Section 21 Provisions and Contingencies:
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.
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.
Anton van Wyk M.Com, CA(SA)
Anton van Wyk is a chartered accountant and independent consultant in International Financial Reporting Standards (IFRS and IFRS for SMEs). As former subject head of Financial Accounting at various higher education providers (including the University of Johannesburg and Monash University South Africa), he has gained valuable insights into and understanding of the important principles underlying the International Financial Reporting Standards (IFRS).
Anton is a well-known and popular presenter who has presented numerous IFRS updates for several accounting bodies across South Africa. He is known for his ability to simplify and highlight the most important principles contained in IFRS, whilst keeping the learning process enjoyable for attendees.
The following persons will benefit from attending this webinar:
Professional Accountants including: RA(SA), CA(SA),PA(SA) and BAP(SA);
Tax practitioners; and
R 475.00 - Online admission - Individual.
R 950.00 - Online admission - Company.
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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.
The following venues and dates are available for this event.