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Financial Reporting
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2018 - Preparing And Interpreting IFRS For SME Financial Statements

CPD Hours: 4

Price: R399.00


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2018 - Preparing And Interpreting IFRS For SME Financial Statements


Overview

Preparing IFRS for SMEs Financial Statements 2018 will provide practical advice and guidance on the application of the presenting and disclosing requirements of IFRS for SMEs. The training session will address the most common pitfalls of IFRS for SMEs drafting in a highly interactive manner. Attend this 4 hour seminar and get fully up to speed on all aspects of the presentation and disclosure of IFRS for SME-compliant financial statements.

The Companies Act and the Tax Administration Act require that financial statements are fairly presented. Fair presentation requires judgement. By attending this event you will clearly understand how to present and disclosure complex transaction to ensure your financial statements meet the requirements of the statutes and IFRS for SME.

 

Special consideration will be given to deferred tax issues and how to reconcile the tax return to the financial statement.


Learning objectives

The objective of the webinar is to provide the delegate with the following information:

  • Become aware of latest amendments to IFRS for SMEs;
  • understand the Companies Act requirements related to financial statements;
  • understand the presentation and disclosure requirements of IFRS for SMEs;
  • understand how to apply IFRS for SMEs in complex transactions.

Content

The webinar will address the following elements:

  • The need for quality financial statements;
  • financial statement requirements: Companies Act and Tax Administration Act;
  • aligning financial statements so that they meet legislative requirements as well as those of the standard;
  • 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, close corporation;
  • application to complex transactions:
    • accounting for black economic empowerment (BEE) transactions,
    • IFRS for SME swhen a company is being liquidated or under Business Rescue,
    • contingent liabilities,
    • intangible assets,
    • deferred tax.

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