IFRS for SMEs Webinar Series

WHAT YOU WILL LEARN

IFRS for SME Section 21 Provisions and Contingencies

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 provision is not a matter of choice and should be carefully considered. This webinar delves into the most important principles relating to the accounting treatment of liabilities in the annual financial statements.

IFRS for SME Section 29 Income Tax

As part of the 2015 updates to the IFRS for SME, 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. This webinar takes an in-depth look at the approach to be followed when calculating income taxes, especially the principles relating to the calculation of deferred tax. Deferred tax calculations CAN be understood!

IFRS for SME Section 23 Revenue

Every entity generates revenue to sustain itself. Section 23 of the IFRS for SME deals with the recognition, measurement, presentation and disclosure of revenue in the annual financial statements. The webinar investigates the most important principles underlying the process of revenue recognition and measurement in the financial statements of an SME.

IFRS for SME Section 20 Leases

Most SMEs are affected by this topic when acting as either a lessee or a lessor. Section 20 contains all the principles relating to the accounting treatment of leases in the annual financial statements of a lessee and lessor. Webinar 4 takes a closer look at principles underlying lease accounting for SMEs.

IFRS for SME Section 11 Basic Financial Instruments

Section 11 of the IFRS for SME deals with the accounting treatment relating to basic financial assets and financial liabilities of SMEs in their annual financial statements. This webinar does not focus on the more complex financial instruments (these are covered in Section 12 Other Financial Instrument Issues & Section 22 Liabilities and Equity) This webinar investigates and simplifies the topic “financial instruments” and how these are relevant to the financial statements of SMEs.

IFRS for SME Section 12 Other Financial Instrument Issues & Section 22 Liabilities and Equity

This webinar delves 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). The webinar also looks at more complex financial instruments (the basic financial instruments are covered in webinar Section 11 Basic Financial Instruments), and how these should be accounted for in the annual financial statements of an SME.

IFRS for SME Section 28 Employee Benefits & Section 26 Share-based Payment 

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, including consideration of the correct accounting treatment relating to any liabilities closely linked for employee benefits, such as post-employment benefits, annual leave etc.

IFRS for SME Section 19 Business Combinations and Goodwill

The topic “business combinations” will always remain very conceptual and important in financial accounting. The determination of goodwill is the overall focus of this accounting standard and there are many principles that need in-depth consideration when accounting for a transaction that meets the definition of a ‘business combination’. Also remember: 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.

IFRS for SME Section 27 Impairment of Assets

With most economies experiencing either slow growth, no growth or recessions, testing assets (or groups of assets called ‘cash-generating units’) for impairment, should be a regular exercise performed by an accountant. 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. It is essential that accountants make sure that they are considering the correct principles and applying the process of impairment testing correctly in order to comply with the requirements of Section 27 of the IFRS for SME.

IFRS for SME A guided tour through the Illustrative Financial Statements (including important aspects from Sections 3 to 8 and Section 33 (Related Party Disclosures)

The IASB has provided a set of illustrative annual financial statements for SMEs. Various sections in the IFRS for SME also refer to certain minimum requirements that must be adhered to when preparing annual financial statements for an SME (such as Sections 3 to 8, 33 3tc.). This webinar summarises these principles and serves as a good conclusion to the entire webinar series.

DESCRIPTION

The IFRS for SMEs webinar series is flexible to your timetable, enabling you to fit your studies around your work and social commitments.

Anyone, whether a trainee or a practising professional in the field of Accounting, Audit and Tax can attend this series in order to update their knowledge on IFRS for SMEs and / or to learn new standards that have recently been amended / created.

Each webinar is assessed through multiple-choice examinations.

**NOTE: if you already subscribe to CPD packages with SAAA or SAIT, please continue your subscription with them.

***NOTE: the subscription is also available as a monthly payment you will pay a deposit for the months already elapsed for the year, then the monthly fee of R250 per month.

PRICE

This webinar series is available for – R3000

CONTENT

Study Unit 1

Section 21 Provisions and Contingencies

Study Unit 2

Section 29 Income Tax

Study Unit 3

Section 23 Revenue

Study Unit 4

Section 20 Leases

Study Unit 5

Section 11 Basic Financial Instruments

Study Unit 6

Section 12 Other Financial Instrument Issues & Section 22 Liabilities and Equity

Study Unit 7

Section 28 Employee Benefits & Section 26 Share-based Payment

Study Unit 8

Section 19 Business Combinations and Goodwill

Study Unit 9

Section 27 Impairment of Assets

Study Unit 10

IFRS for SME A guided tour through the Illustrative Financial Statements

REQUIREMENTS

PRESENTER

Anton van Wyk

Anton van Wyk is a chartered accountant and independent consultant in International Financial Reporting Standards (IFRS and IFRS for SME). As former subject head of Financial Accounting at various higher education providers (including the University of Johannesburg and Monash University South Africa), he has gained valuable insights into and understanding of the important principles underlying the International Financial Reporting Standards (IFRS).

ADDITIONAL MATERIAL

By attending this webinar, you will be provided with:

•  Summarised slide presentation
•  Reference documents and / or course material where available
• Access to a technical knowledge base
• Recorded webinar that includes an expert presenter and participant interaction