IFRS for SMEs (3rd Edition) Session 4 and 5: Accounting for Assets, Inventories, Revenue and Government Grants under IFRS for SMEs
CPD Hours: 2
Price: R450.00
IFRS for SMEs (3rd Edition) Session 4 and 5: Accounting for Assets, Inventories, Revenue and Government Grants under IFRS for SMEs
Presenters : Caryn Maitland CA(SA)
Overview
Accurate financial reporting under IFRS for SMEs requires a sound understanding of how assets, inventories, revenue and government grants should be recognised, measured, presented and disclosed. These areas often involve significant judgement, estimation uncertainty and practical application challenges, making them key focus areas for accountants, financial managers, auditors and other finance professionals.
This webinar provides a practical and comprehensive overview of the IFRS for SMEs requirements relating to property, plant and equipment, intangible assets, impairment of non-financial assets, inventories, revenue recognition and government grants. Participants will gain valuable insights into the correct application of accounting principles, common reporting errors, disclosure requirements and practical considerations affecting SME financial statements.
Join Caryn Maitland CA(SA) as she provides practical guidance on applying IFRS for SMEs to key financial reporting areas, helping accountants correctly recognise, measure, depreciate, amortise, impair and disclose assets, account for inventories, recognise revenue appropriately and apply the correct accounting treatment to government grants.
Learning objectives
Attending this webinar will equip you with the following skills:
• Understand the recognition and measurement requirements for property, plant and equipment, intangible assets, inventories, revenue and government grants under IFRS for SMEs.
• Apply depreciation, amortisation and impairment principles to non-financial assets using practical examples and scenarios.
• Measure and account for inventories correctly, including cost determination, valuation and write-down considerations.
• Apply revenue recognition principles to customer contracts, including timing of recognition, customer advances, discounts and bundled arrangements.
• Account for government grants appropriately, including recognition, measurement, presentation and disclosure requirements.
Content
The webinar will cover the following topics:
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Property, Plant and Equipment and Intangible Assets
o Recognition criteria and initial measurement at cost
o Components of cost and directly attributable expenditure
o Subsequent expenditure, component accounting and derecognition
o Intangible assets, useful lives, amortisation and internally generated expenditure -
Depreciation, Amortisation and Impairment of Non-Financial Assets
o Depreciation methods, useful lives and residual values
o Amortisation requirements and review of estimates
o Impairment indicators, recoverable amount and impairment testing
o Recognition, allocation and reversal of impairment losses -
Inventories under IFRS for SMEs
o Inventory recognition and measurement principles
o Cost of purchase, cost of conversion and inventory cost formulas
o Inventory write-downs and net realisable value assessments
o Recognition of inventory as an expense and cost of sales considerations -
Revenue Recognition and Contracts with Customers
o Measurement and timing of revenue recognition
o Sale of goods and rendering of services
o Customer advances, deferred revenue and contract liabilities
o Discounts, rebates, warranties and contract modifications
o Multiple-element arrangements and performance obligations -
Government Grants
o Recognition and measurement of government grants
o Grants with and without future performance conditions
o Income recognition and deferred income treatment
o Repayment obligations and disclosure requirements -
Practical Application and Worked Examples
o Capitalisation versus expense assessments
o Depreciation and amortisation calculations
o Impairment loss calculations and journal entries
o Inventory valuation and revenue recognition errors
o Accounting for government grants and disclosure deficiencies
