IFRS for SME School

IFRS for SME is now a statutory requirement. This means that non-compliance to IFRS for SME will result in penalties and possible personal liability for company directors and close corporation members. Section 29 and 214 of the Act is very clear - COMPLY OR ELSE!

IFRS for SME is set to become THE standard that will be used by an estimated 50% of all companies close corporations.

Auditors and independent reviewers can only issue a fair presentation opinion on financial statements prepared by using either IFRS or IFRS for SME.

Principles:
•Section 1: Scope
•Section 2: Concepts and principles
Presentation:
•Section 3: Financial Statement Presentation
•Section 4: Statement of Financial Position
•Section 5: Statement of Comprehensive Income and Income Statement
•Section 6: Statement of Changes in Equity and of Income and Retained Earnings
•Section 7: Statement of Cash flows
•Section 8: Notes to the Financial Statements
Specific transactions:
•Section 10: Accounting policies, estimates and errors
•Section 21: Provisions
•Section 32: Events after balance sheet date
•Section 23: Revenue
•Section 25: Borrowing cost
•Section 28: Employee benefits
•Section 29: Tax expense
Assets:
•Section 13: Inventories
•Section 16: Investment properties
•Section 17: Property, plant and equipment
•Section 18: Intangible assets and goodwill
•Section 27: Impairments
Financial instruments:
•Section 30: Foreign currency transactions
•Section 11: Basic Financial Instruments
•Section 20: Leases
Other:
•Section 33: Related party disclosures
•Section 34: Specialised transactions
•Section 35: Transition to IFRS for SMEs
Course notes include a Illustrative set of financial statements.

Date: 02 November 2012
Time: 08:00 - 16:30
Venue: Lord Charles Hotel, Cape Town
Cost: From R1 195

Date: 20 November 2012
Time: 08:00 - 16:30
Venue: Wanderers Club, Johannesburg
Cost: From R1 195

Date: 07 December 2012
Time: 08:00 - 16:30
Venue: Riverside Hotel, Durban
Cost: From R1 195