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IFRS for SME - Section 21 Provisions and Contingencies

This webinar on demand is part of a series of webinars. Click here to read more

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Overview   

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.  

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.  

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Learning Objectives:

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.  

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Content:

The webinar will cover the following topics:  

• Introduction to IFRS for SMEs Section 21 Provisions and Contingencies: 

  • Scope;  

  • Definitions; and 

  • Overview. 

• 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.