IFRS for SMEs Update 2021 / 2022
Presenters : Caryn Maitland CA(SA)
Overview
Certain business transactions require careful consideration when applying the IFRS for SMEs Standard. Examples of these transactions include: transactions involving SMEs under liquidation or under business rescue, contingent liabilities, intangible assets, BEE transactions and deferred tax.
Application of the Standard is not as easy as it looks and compilers could end up in trouble with CIPC and SARS if the presentation and disclosure of these transactions is found to be faulty. In January 2020, the IASB published the Request for Information: Comprehensive Review of the IFRS for SMEs Standard. Prior to this, the Standard had received a handful of critical amendments that became effective for years beginning on or after 1 January 2017.
Learning objectives
By attending this webinar you will gain the following competencies:
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Understand the key differences between IFRS and IFRS for SMEs.
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Understand critical amendments that have been made to the Standard.
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Have practical working knowledge of the Standard.
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Understand how to apply IFRS for SMEs to special circumstances.
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Have the ability to identify opportunities to add value to clients through adopting the Standard.
Content
The webinar will cover the following topics:
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Background and development of IFRS for SMEs.
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Scope and objectives of the Standard.
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Responsibilities of a compiler vs an assurance provider.
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Pervasive principles and elements of financial statements.
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Presentation of financial statements and first-time adoption transition.
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Accounting for:
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PPE, investment properties and intangible assets.
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Inventories and biological assets.
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Impairment, leases, forex transactions and deferred tax.
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Government grants and borrowing costs.
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Financial instruments, business combinations and goodwill.
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JVs, associates and share-based payments.
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Provisions and contingencies.
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Revenue and events after reporting date.
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Common problems, challenges and considerations.
