Sponsor

Overview

Given the precarious state of the South African economy - a possible credit rating downgrade, market and currency volatility, etc. – the preparation of quality financial statements has never been more important. Accurate and clear statements give your clients a true picture of their business which leads to better decision-making and cost savings, which in turn makes them appreciate you more.

In addition, with the new regulation of accountants coming soon, regulators will start inspecting practices to check the quality of financial statements.

For these reasons, we have asked Mazars, a leading auditing, accounting, tax and advisory services organisation, to share their secrets of financial statement preparation. Their expert presenter will provide practical advice and guidance on the application of IFRS for SMEs disclosure requirements and address the most common pitfalls of IFRS for SMEs drafting in a highly interactive manner. Attend this half-day seminar and get fully up to speed on all aspects of the presentation and disclosure of IFRS for SME-compliant financial statements.

Key learning outcomes

After attending the seminar, delegates will understand the following:

• The scope of IFRS for SMEs
• The key differences between IFRS and IFRS for SMEs
• Presentation and disclosure requirements of IFRS for SMEs
• How to apply the basic measurement and recognition requirements to a set of financial statements
• Changes to the IFRS for SMEs standard and their impact as they relate to the preparation of financial statements

Course content

• The need for quality financial statements
  • Companies Act
  • Tax Administration Act
  • Aligning financial statements so that they meet legislative requirements as well as those of the standard
• Migrating from GAAP to IFRS for SMEs: what to be aware of
• Related topics on presentation and disclosure
  • Nature and scope of IFRS for SMEs (section 1)
  • Concepts and pervasive principles (section 2)
  • Financial statement presentation (section 3)
  • Statement of financial position (section 4)
  • Statement of comprehensive income and income statement (section 5)
  • Statement of changes in equity or income and retained earnings (section 6)
  • Statement of cash flows (section 7)
  • Notes to the financial statements (section 8)
  • Accounting policies, estimates and errors (section 10)
  • Related party transactions (section 35)
  • Implementation guidance (disclosure checklist)
• Using financial statements for different purposes: what to be aware of when making statements available externally, e.g. to banks, SARS, regulators, etc.
• Presentation: comprehensive examples of financial statements
  • Profit company
  • CC

Presenter

Justine Combrink, Partner, Mazars

Justine is a member of the Mazars Risk Management Department and leader of the Financial Reporting Advisory team. She has provided technical accounting support as well as ad hoc advice on accounting issues to large corporates and multi-national organisations for over 10 years. She has worked on International Financial Reporting Standard’s (IFRS) conversion projects and undertakes advisory work on complex accounting issues. In addition, she regularly reviews financial statements for compliance.

Justine’s responsibilities include advising on the application and facilitating on understanding of IFRS (generalist), technical consultations, discussion papers and accounting opinions covering all IFRS and interpretations for audit teams, managers, partners and clients as well as assisting audit teams in addressing specific technical accounting enquiries. Justine assists audit teams in resolving accounting issues and disputes with clients, she reviews integrated annual reports of clients for compliance with relevant reporting standards prior to issuance of annual report. She has been involved in advising on the accounting for numerous complex transactions including various business combinations, hedge transactions and renewable energy modelling.

Justine regularly prepares technical documents for the firm and research on general accounting issues and new developments. She is responsible for the training of audit teams, managers, partners and clients on new accounting developments and specific accounting issues.

Who should attend

Accountants, auditors, bookkeepers and anyone else interested or involved in the financial reporting for small and medium enterprises.

CPD

Attendance of the half-day seminar will accrue 4 + 1 hours’ CPD for members of a relevant professional body such as ACCA, SAICA, AAT, SAIPA, SAIBA, IAC, CSSA, ICBA, LSSA, FPI, and the IBA. The SAAA CPD policy is compliant with IFAC IES7 and is recognised by SAICA, AAT, SAIPA, SAIBA, IAC, CIS and others.

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