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IFRS for SMEs (3rd Edition): Foundations, Structure and First Principles

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Overview    

This webinar provides a structured introduction to the IFRS for SMEs (3rd Edition), focusing on the underlying foundations, structure, and first principles of the Standard. Rather than diving straight into detailed technical requirements, the session explains the purpose, logic, and conceptual framework that underpin the IFRS for SMEs, enabling practitioners to understand how and why the Standard works. This foundational understanding is essential for consistent application, sound professional judgement, and high-quality financial reporting. 

Join Caryn Maitland CA(SA) as she unpacks the architecture of the IFRS for SMEs (3rd Edition), explains the pervasive principles that apply throughout the Standard, and highlights the key changes introduced in the latest edition. 

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Learning objectives   

Attending this webinar will equip you with the following skills:  

• Understand the purpose, scope, and intended application of the IFRS for SMEs (3rd Edition) 

• Identify and interpret the key changes introduced in the 3rd Edition 

• Navigate the structure and layout of the Standard efficiently 

• Apply the pervasive principles and qualitative characteristics correctly 

• Build a strong technical foundation for applying recognition and measurement requirements in practice 

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Content   

The webinar will cover the following topics:  

• Introduction to IFRS for SMEs (3rd Edition) 
  • Objective of the Standard 
  • Scope and applicability 
  • Eligible entities 

• Structure of the IFRS for SMEs Standard 
  • Section-based structure 
  • Logical flow of requirements 
  • Cross-referencing within the Standard 

• Concepts and Pervasive Principles 
  • Qualitative characteristics of useful financial information 
  • Accrual basis of accounting 
  • Going concern assumption 
  • Substance over form 

• Recognition and Measurement Foundations 
  • Definitions of assets, liabilities, income, and expenses 
  • Recognition criteria 
  • Measurement bases permitted under IFRS for SMEs 

• Fair Presentation and Compliance 
  • Fair presentation of financial statements 
  • Explicit and unreserved statement of compliance 
  • Circumstances permitting departure from the Standard 

• Overview of Key Changes in the 3rd Edition 
  • Amendments affecting recognition and measurement 
  • Disclosure-related changes 
  • Practical implications for preparers and reviewers