Webinars On-Demand

Overview    Several important principles and considerations exist relating to the recognition of provisions and the disclosure of contingent liabilities / assets in the annual financial statements. The recognition of a&nbs p;provision is not a matter of choice and should be carefully considered.   Section 21 of the IFRS for SMEs Standard titled Provisions and Contingencies fully covers how this is to be done correctly. Contingent liabilities and contingent assets are both covered in this Standard.    In this webinar, we delve into the most important principles relating to the accounting treatment of liabilities in the annual financial statements.   This webinar is part of a series on IFRS for SMEs. The series will cover selected IFRS for SMEs topics that every accounting professional should fully understand in their day to day work. If you are interested in booking for the entire series, click here.   Learning Objectives: By the end of this event the participant should:  Understand the scope of IFRS for SMEs Section 21 Provisions and Contingencies.  Understand how and when to recognise provisions in the AFS;  Know how to measure provisions initially and subsequently;  Understand how to disclose provisions in the AFS; and  Know how to practically apply the Standard as a whole.   Content: The webinar will cover the following topics:   Introduction to IFRS for SMEs Section 21 Provisions and Contingencies:  Scope;   Definitions; and  Overview.  What is excluded from the definition of "provision"?  Recognition of provisions – How and when?   Initial and subsequent measurement of provisions.   How to disclose provisions in the AFS. 

Overview    As part of the 2015 updates to the IFRS for SMEs, the calculation of deferred tax in terms of Section 29 of the IFRS for SMEs was fully aligned with IAS 12 Income Taxes in full IFRS. The amendments were ef fective from 1 January 2017.   We know that many accounting and tax practitioners find deferred tax calculations tedious and it is clearly not a favourite topic of many. That is why we have brought in an expert to take an in-depth look at the correct approach to take when calculating income taxes, especially the principles relating to the calculation of deferred tax.   After this webinar you will see that deferred tax calculations CAN be understood clearly!  This webinar is part of a series on IFRS for SMEs. The series will cover selected IFRS for SMEs topics that every accounting professional should fully understand in their day to day work. If you are interested in booking for the entire series, click here.   Learning objectives   By the end of this event the participant should:  Understand the purpose of IFRS for SMEs Section 29 Income Tax.  Understand the contents of the Standard;  Understand how to correctly calculate deferred tax;   Understand how to calculate income taxes; and  Know how to practically apply the Standard as a whole.   Content  The webinar will cover the following topics:   Introduction to IFRS for SMEs Section 29 Income Taxes.  Recognition of current tax assets and tax liabilities.   Measurement of current tax assets and tax liabilities.  Deferred tax:   Recognition.  Presentation.  Tax bases of assets and liabilities.  Temporary differences.  Discounting deferred tax assets and liabilities.  Offsetting and when it's allowed. 

Overview    Every entity generates revenue that is used to sustain the operations of the business. IFRS for SMEs Section 23 Revenue deals with how to recognise, measure, present and also how to disclose revenue in the annual financi al statements.   The webinar investigates the most important principles underlying the process of revenue recognition and measurement in the financial statements of an SME.  This webinar is part of a series on IFRS for SMEs. The series will cover selected IFRS for SMEs topics that every accounting professional should fully understand in their day to day work. If you are interested in booking for the entire series, click here.   Learning objectives  By the end of this event the participant should:  Understand the purpose of IFRS for SMEs Section 23 Revenue;  Understand how to recognise revenue;  Understand how to measure revenue;   Understand how to present revenue in the AFS; and  Know how to disclose revenue in the AFS.   Content The webinar will cover the following topics:   Overview.  Recognising revenue.   How to measure revenue.  Presentation of revenue.  Disclosure considerations. 

Overview    Most SMEs are either lessees or lessors. As such, it is important that the accountant who is responsible for their financial records is fully knowledgeable on how to account for leases.   What are the princi ples underlying these agreements?  IFRS for SMEs Section 20 contains all the principles relating to the accounting treatment of leases in the annual financial statements of the lessor and the lessee.    Learning objectives   By the end of this event the participant should:  Know how to identify lease arrangements qualifying for recognition;  Know the difference between a finance leases and an operating leases;  Understand the rights and obligations of the lessor and lessee;  Understand how to account for lease payments; and  Understand how to recognise and disclose leases in the AFS;  Content  The webinar will cover the following topics:   Introduction to IFRS for SMEs Section 20 Leases.  Definition of a lease:  Operating lease.  Finance lease.  Lessor's rights and obligations.  Lessee's rights and obligations.  Accounting treatment of leases.  Lease recognition and disclosure.  

Overview    IFRS for SMEs Section 11 - Basic Financial Instruments deals with the accounting treatment relating to basic financial assets and financial liabilities of SMEs in their annual financial statements. The sco pe of this webinar will include AFS items such cash, deposits, payables, receivables, investments and debt instruments. We will not go into the more complex financial instruments here as these will be dealt with in a subsequent webinar.    Learning objectives   By the end of this event the participant should:  Understand the objectives of IFRS for SMEs Section 11 - Basic Financial Instruments;  Understand the scope of IFRS for SMEs Section 11 - Basic Financial Instruments;  Understand initial measurement of financial assets and liabilities;   Understand measurement subsequent to initial recognition; and   Know how to disclose financial instruments on the AFS.        Content  The webinar will cover the following topics:   Scope of Section 11.  Initial measurement.  Includes transaction price and costs;  Financing transactions.  Measurement subsequent to initial recognition.  Using the effective interest rate.  Using the undiscounted amount to be paid.  Measurement of shares.  Testing for impairment.  When to derecognise financial assets and liabilities.  Disclosures. 

Overview    In our previous webinar on IFRS for SMEs Section 11 Basic Financial Instruments we dealt with the accounting treatment relating to basic financial assets and financial liabilities of SM Es in their annual financial statements.   We now want to delve into the more conceptual area of the distinction between liabilities and equity (i.e. correct classification of what credit-balance instrument would be a financial liability and when such an instrument would be classified as equity instead). This webinar also looks at more complex financial instruments and how these should be accounted  for in the annual financial statements of an SME.  Learning objectives   By the end of this event the participant should:  Understand the scope of Sections 12 & 22 of the IFRS for SMEs standard;  Understand how to measure financial instruments under Section 12;  Have guidance on classifying an instrument as liability or equity; and  Know how to disclose the financial instruments covered.  Content  The webinar will cover the following topics:   Scope of Sections 12 and 22.  Other financial instruments covered under Section 12.  Measurement of Section 12 financial instruments.  Disclosure of Section 12 financial instruments.  Classifying an instrument as liability vs equity.  Disclosure under Section 22.  

Overview    All SMEs have employees, the cost of whom must be correctly accounted for in their annual financial statements. This webinar investigates how the cost of employees should be correctly accounted for.  Section 28 provides guidance on the correct accounting treatment relating to any liabilities closely linked to employee benefits. These are classified into short-term benefits, post-employment benefits and termination benefits.  Section 26 looks at the principles around the treatment of share-based payment transactions.  This webinar is part of a series we are currently running on IFRS for SMEs. Click here to view the series. Learning objectives   By the end of this event the participant should:  Understand the contents of Sections 28 and 26 of the IFRS for SMEs standard;  Understand the accounting treatment of employee benefits; and  Understand share-based payment transactions.  Content  The webinar will cover the following topics:   Section 28 scope:  Short-term benefits.  Post-employment benefits.  Termination benefits.  Recognition of Section 28 employee benefits.  Section 26 scope.  Section 26 transactions and their recognition. 

Overview    The topic “business combinations” will always remain very conceptual and important in financial accounting.   Section 19 of the IFRS for SMEs standard covers the determination of goodwill ar ising from business combinations. This section also gives guidance on the many principles that need in-depth consideration when accounting for a transaction that meets the definition of a ‘business combination’.  It is important to note that business combinations do not only entail acquisition of a controlling equity interest in another entity, but also the direct acquisition of assets and liabilities that form a “business”, as defined in Section 19 of the IFRS for SME.  Learning objectives   By the end of this event the participant should:  Understand the objective of IFRS for SMEs Section 19;  Know how goodwill is determined; and   Understand the accounting treatment of goodwill.  Content  The webinar will cover the following topics:   Scope of Section 19.  Acquisition method.  Goodwill armotisation.  Negative goodwill. 

Overview    Economies of the world are in turmoil with many of them, including South Africa, in recession! In this current situation, what is the accountant's obligation regarding assets and their impairment?   It is important that the accountant, in the performance of his/her duties, regularly tests assets (or groups of assets called ‘cash-generating units’) for impairment. Macro-economic indicators of possible impairment trigger the necessity to test assets for impairment, just like micro-economic indicators, such as significant damage to an asset, do.   The correct principles for applying the process of impairment testing are laid out in the IFRS for SMEs Section 27 Impairment of Assets.   Learning objectives   By the end of this event the participant should:  Understand the requirements of IFRS for SMEs Section 27 Impairment of Assets;  Know how to practically perform impairment testing on assets; and  Know how to disclose impairment.  Content  The webinar will cover the following topics:   Scope of IFRS for SMEs Section 27 Impairment of Assets.   Asset impairment indicators.  Impairment of inventories.  Impairment of other assets.  Goodwill impairment.  Disclosure. 

Learning objectives   By the end of this event the attendee should:  Understand the prescribed general standards of AFS presentation;  Understand the format and content of individual financial statements;  Understand the format and content of notes to the AFS; and   Understand additional disclosure requirements.  Content  The webinar will cover the following topics:   Definition of a complete set of AFS'  Prescribed general standards of presentation.  Prescribed format and content.  Minimum disclosure requirements.  Illustrative set of AFS.