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IFRS for SMEs (3rd Edition) Series Session 2 and 3 combined

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Overview    

Accurate financial reporting under the IFRS for SMEs (3rd Edition) requires more than technical knowledge — it demands consistent presentation, sound professional judgement, and the correct application of accounting policies and estimates. Errors in presentation, inconsistency in accounting policies, or incorrect treatment of prior period adjustments can result in audit findings, regulatory scrutiny, and reduced credibility of financial statements. 

This session focuses on the correct preparation and presentation of financial statements in accordance with IFRS for SMEs (3rd Edition), together with the selection and application of accounting policies, accounting estimates, and the correction of errors. Participants will develop practical competence in producing compliant, decision-useful financial statements that meet professional and regulatory expectations. 

Join Caryn Maitland CA(SA) as she provides practical guidance on preparing a complete set of financial statements, applying presentation principles, and exercising professional judgement when dealing with accounting policies, estimates, and prior period errors under IFRS for SMEs (3rd Edition). 

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Learning objectives   

Attending this webinar will equip you with the following skills:  

• Understand the complete set of financial statements required under IFRS for SMEs and the role of each statement within the reporting framework 
• Apply correct presentation principles to key financial statements, including the Statement of Financial Position and Statement of Cash Flows 
• Select and apply accounting policies in accordance with IFRS for SMEs requirements and hierarchy guidance 
• Account correctly for changes in accounting policies, changes in accounting estimates, and prior period errors 
• Strengthen professional judgement when assessing materiality, comparatives, and consistency in financial reporting

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Content   

The webinar will cover the following topics:  

• Session 2 – Financial Statements and Presentation 

• The Complete Set of Financial Statements (Section 3) 
  o Purpose of financial statements 
  o Components of a complete set of financial statements 
  o General features of financial statements 
  o Fair presentation and compliance with IFRS for SMEs 

• Statement of Financial Position (Section 4) 
  o Classification of assets and liabilities 
  o Current versus non-current classification 
  o Minimum required line items 
  o Ordering and presentation principles 

• Statement of Comprehensive Income (Section 5) 
  o Single-statement versus two-statement approach 
  o Presentation of profit or loss 
  o Other Comprehensive Income (OCI) 
  o Minimum disclosure requirements 

• Statement of Changes in Equity (Section 6) 
  o Movements in equity components 
  o Presentation of retained earnings 
  o Alternative statement of income and retained earnings 

• Statement of Cash Flows (Section 7) 
  o Cash and cash equivalents 
  o Operating, investing, and financing activities 
  o Direct versus indirect method 
  o Common presentation errors 

• Notes to the Financial Statements (Section 8) 
  o Structure and organisation of disclosures 
  o Disclosure of accounting policies 
  o Disclosure of judgements and estimates 
  o Cross-referencing to financial statements 

• Comparative Information and Consistency 
  o Requirement for comparative financial information 
  o Consistency of presentation 
  o Reclassification of comparatives 
  o Disclosure requirements 

• Session 3 – Accounting Policies, Estimates and Errors (Section 10) 

• Selection and Application of Accounting Policies 
  o Accounting policy hierarchy under IFRS for SMEs 
  o Sources of guidance where the standard is silent 
  o Consistency in policy application 

• Changes in Accounting Policies 
  o Voluntary versus mandatory changes 
  o Retrospective application 
  o Disclosure requirements 

• Accounting Estimates 
  o Definition and nature of accounting estimates 
  o Changes in accounting estimates 
  o Prospective application 

• Prior Period Errors 
  o Identification of errors 
  o Retrospective restatement 
  o Disclosure of corrections 

• Materiality and Professional Judgement 
  o Materiality considerations in financial reporting 
  o Professional judgement in policy selection 
  o Judgement in error correction 
  o Documentation and audit considerations