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IFRS for SMEs 3rd Edition: Group accounting has changed

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Overview      

The IFRS for SMEs Accounting Standard provides a simplified financial reporting framework designed for entities that do not have public accountability. The third edition introduces a number of important changes and updates that practitioners need to understand when preparing, reviewing or advising on financial statements for SMEs.

This session forms part of the IFRS for SMEs 3rd Edition Series and will provide a practical examination of the relevant requirements covered in Session 9. The webinar will focus on key principles, application requirements and areas that may require particular attention when applying the revised Standard.

Join Caryn Maitland CA(SA) as she provides a practical and insightful walkthrough of the relevant IFRS for SMEs 3rd Edition requirements, highlighting key changes, application considerations and practical implications for financial reporting.

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 Learning objectives     

Attending this webinar will equip you with the following skills:  

• Understand the key requirements covered in Session 9 of the IFRS for SMEs 3rd Edition.
• Identify the key changes and developments introduced by the third edition relevant to the topics addressed.
• Apply the relevant accounting principles when preparing and presenting financial information.
• Recognise common areas of judgement and potential challenges when applying the Standard.
• Evaluate the financial reporting implications of transactions and events covered by the relevant sections.
• Apply the requirements more effectively in practical SME financial reporting situations.

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Content   

The webinar will cover the following topics:  

• IFRS for SMEs 3rd Edition – Session 9 requirements
  • Overview of the relevant sections and requirements.
  • Key principles and recognition requirements.
  • Measurement and presentation considerations.
  • Practical application of the requirements.
• Key changes in the 3rd Edition
  • Important amendments and updates affecting the relevant topics.
  • Differences from the previous edition.
  • Practical implications of the changes for SMEs.
• Application in practice
  • Practical examples and scenarios.
  • Areas requiring professional judgement.
  • Common application challenges and potential pitfalls.
• Financial reporting considerations
  • Impact on the preparation of SME financial statements.
  • Disclosure and presentation considerations.
  • Practical considerations for finance teams and practitioners.