Drafting financial statements (IFRS for SMEs)
CPD Hours: 2
Price: R450.00
This is part of a series
Read more about seriesDrafting financial statements (IFRS for SMEs)
Presenters : Caryn Maitland CA(SA)
This webinar on demand is part of a series of webinars. Click here to read more
Overview
The third Edition of the IFRS for SMEs Standard became effective on 27 February 2025. The revised standard introduces significant updates, particularly in the areas of revenue recognition, fair value measurement, and the recognition of assets and liabilities.
In close succession, the Commissioner of CIPC issued a notice on 12 May 2025 warning companies about the statutory requirement for fair presentation of annual financial statements and compliance with the Companies Act 71 of 2008.
Join Caryn Maitland CA(SA) for a focused, practical webinar to walk you through the structure of the third edition of the IFRS for SME standard, learn key disclosure requirements, and get expert guidance on how to apply these changes effectively in your practice when drafting financial statements.
Learning objectives
Attending this webinar will equip you with the following skills:
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Navigate the restructured third edition of IFRS for SMEs, understanding its expanded scope and how the new principles-based approach affects your clients' reporting obligations.
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Implement the revised revenue recognition criteria, apply updated fair value measurement techniques and correctly classify assets and liabilities under the new definitions.
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Produce compliant statements of financial position and comprehensive income with focused notes that meet disclosure requirements without overwhelming smaller entity stakeholders.
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Recognise and sidestep the most common implementation errors that could trigger CIPC scrutiny, with particular attention to materiality thresholds for SME reporting.
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Create comprehensive, well-structured financial statements that satisfy both assurance engagement requirements and stakeholder needs, reducing review time and potential qualifications.
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Develop systematic approaches for ongoing compliance that protect your clients from regulatory penalties while positioning your firm as the go-to advisor for IFRS for SMEs expertise.
Content
The webinar will cover the following topics:
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Overview of IFRS for SMEs.
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Purpose and scope.
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Eligibility criteria (public accountability).
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Who are my users and what do they need to know about the company?
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Structure and hierarchy of the Standard.
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Principles of disclosure under IFRS for SMEs.
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Focus on transparency from a Companies Act perspective.
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Preparing the Primary Financial Statements.
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Section 3: Financial Statement Presentation.
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Section 4 & 5: Statement of Financial Position (Balance Sheet).
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Section 6: Statement of Comprehensive Income.
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Section 7: Statement of Changes in Equity and Statement of Cash Flows.
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Notes to the Financial Statements.
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Section 8: Notes – purpose, structure and common oversights.
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Standback provision - minimum disclosures vs good disclosure.
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Key Sections Influencing Measurement and Disclosure.
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Section 10: Accounting Policies, Estimates and Errors.
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Section 11 & 12: Financial Instruments (basic and fair value measurement).
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Section 13: Inventories.
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Section 17: Property, Plant and Equipment.
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Section 18: Intangible Assets.
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Section 20: Leases.
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Section 23: Revenue from Contracts with Customers (updated to align with IFRS 15 principles).
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Section 29: Income Tax and Deferred Tax (simplified approach).
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Section 33: Related Party Disclosures.
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New and Amended Requirements in the 3rd Edition (2025).
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Fair value measurement principles (Section 12).
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Revenue recognition framework alignment.
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Updated definitions: asset, liability, and control (aligned to 2018 Conceptual Framework).
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Practical Guidance.
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Materiality and aggregation.
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Illustrative examples.
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Common compliance challenges and errors.
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Audit-readiness considerations.
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Companies Act considerations with respect to Directors Renumeration and transparency issues.
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