Sponsor

Overview

The IFRS for SMEs standard is fundamental to company law. It is the prescribed standard for most companies and an incorrect application may result in liabilities for your clients and your firm. Join Prof. Hentie van Wyk for this half-day seminar when he will explain the practical application of the latest updates to the standard, which must be applied by January 2017, and demonstrate the pitfalls to avoid.

Key learning outcomes

After attending this session you will be able to:

• Understand the latest changes to the IFRS for SMEs standard and how to apply them
• Comprehend which entities have to comply with IFRS for SMEs
• Understand the Companies Act requirements and apply the IFRS for SMEs to your clients’ business
• Identify the recognition and measurement requirements of assets and liabilities for a SME
• Make informed decisions and provide practical advice
• Enable you to prepare fairly presented and SARS-compliant financial statements

Content:

• Scope including Companies Act requirements
• New amendments introduced in 2015 and their application
• The principles of the major sections in the IFRS for SMEs including:
  • Concepts
  • Presentation
  • Financial Instruments
  • Inventories
  • Investments in Associates
  • Joint Ventures
  • Investment properties
  • Property plant and equipment
  • Intangible assets
  • Goodwill
  • Business combinations
  • Leases
  • Provisions
  • Contingencies
  • Liabilities
  • Equity
  • Revenue
  • Borrowing costs
  • Grants
  • Impairment of Assets
  • Employee Benefits
  • Income tax
  • Foreign Exchange
  • Events after reporting date
  • Related parties
  • Agriculture
• Detailed practical illustrations of the above

Presenter

Professor Hentie van Wyk, Programme Director, Accounting Education, University of the Free State

With more than 30 years’ experience in academia, Prof. Hentie van Wyk is a well-respected and acclaimed presenter. He is a Professor with the University of the Free State and was appointed as the Head of the Centre for Accounting in 1992. He obtained a PhD in 2003 in Public Sector Management and is currently the Programme Director for Accounting Education at the University.

Who should attend

Accountants, tax practitioners, auditors, bookkeepers and other professionals involved in financial reporting for small and medium enterprises.

CPD

Attendance of the half-day seminar will accrue 4 + 1 hours’ CPD for professional members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CSSA, ICBA, LSSA, FPI, and the IBA.

Complete a free online assessment at the end of the event and receive an additional CPD point.