IFRS for SME Specialist

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Prepare IFRS for SME financial statements.


The objective of this licence is to equip Business Accountants with the designations BAP(SA) and CBA(SA) to:

  • Prepare financial statements in compliance to IFRS for SME.
  • Meet the requirements of the Companies Act, 71 of 2008.
  • Advise on IFRS for SME interpretations.
  • Understand and apply IFRS for SMEs.
  • Assess the standard’s commercial impact on your firm and your client’s business.
  • Make informed decision and provide practical advice.

To obtain the licence you need to provide evidence of competence in the specialist area. This evidence is presented by passing an exam. The exam is set by an independent industry expert and accredited by SAIBA.

*SAIBA provides guides that are available as part of your preparation. Any recommended textbooks and webinars are an additional cost for your own expense.


The Companies Act, 71 of 2008 requires certain companies to be audited and others to have their financial statements independently reviewed by an independent reviewer. An independent review is an alternative to the audit but still allows an opinion to be expressed on the financial statements. Independent reviews have to be performed in terms of the International Standard on Review Engagements 2400 by a qualified independent reviewer.

The Licence: Independent Review Engagements is a pre-requisite for a BAP(SA) to
obtain CIPC recognition and registration as an independent reviewer and perform
independent reviews.


The following pricing apply: R2,500.00
Annual renewal fee from R1,500.00
The License does not form part of a subscription package.
Any recommended textbooks and webinars are an additional cost for your own expense.


Study Unit 1

Financial reporting in context

  • National accounting to international harmonisation.
  • Pathway to financial reporting harmonisation.
  • The structure of the IASB. Find out about the International Accounting Standards Board and other related bodies.
Study Unit 2

IFRS framework

  • The purpose and role of accounting standards.
  • International and national standards. There has been increased pressure in recent years for the adoption of a single set of global accounting standards.
  • Setting international financial reporting standards.
  • What is financial reporting? Find out what financial reporting is and what financial statements are.
  • Preparation and presentation of financial statements. The IASB Framework sets out the concepts that underlie the preparation and presentation of financial statements.
Study Unit 3

Small and medium-sized entities

  • The history of the new IFRS for SMEs.
  • The requirements to be classed as an SME.
  • The omitted topics for SMEs; and
  • The options available under IFRSs, not included in the IFRS for SMEs.
Study Unit 4

Financial statement presentation

  • The fair presentation of financial statements;
  • What compliance with the IFRS for SMEs requires; and
  • What the complete set of financial statements are.
Study Unit 5

Statement of financial position

  • What detail is required to be presented in the statement of financial position;
  • The sequencing and format of items; and
  • The information to be presented in the statement of financial position and the notes.
Study Unit 6

Statement of comprehensive income and income statement

  • What detail is required to be presented in the statement of comprehensive income and income statement;
  • The sequencing and format of items; and
  • The information to be presented in the statement of comprehensive income and the notes.
Study Unit 7

Statement of changes in equity and statement of income and retained earnings

  • The requirements for reporting changes in equity in a statement of changes in equity and in a statement of income and retained earnings.
Study Unit 8

Statement of cash flows

  • What information is required in a statement of cash flows; and
  • How this information should be presented.
Study Unit 9

Notes to the financial statements

  • How to present information in the notes to the accounts; and
  • What information should be disclosed.
Study Unit 10

Consolidated and separate financial statements

  • The requirements for presenting consolidated statements;
  • Special purpose entities (SPEs);
  • Consolidation procedures;
  • Disclosures required;
  • Separate financial statements;
  • Combined financial statements.
Study Unit 11

Business combinations

  • Treatment by an investing entity (‘acquirer’) when it acquires a substantial shareholding in another entity (‘acquiree’). The transaction which brings these two parties together is known as a ‘business combination’ and creates a ‘group’ of entities.
Study Unit 12

Investments in associates and joint ventures

  • Understand the measurement and disclosures of associate accounting including the cost model, equity method and fair value model; and
  • Understand what a joint venture is, looking at methods of measurement and disclosures required.
Study Unit 13


  • Inventories;
  • Property, plant and equipment;
  • Intangibles;
  • Investment property;
  • Borrowing costs.
Study Unit 14


  • Employee benefits;
  • Leases;
  • Deferred tax Subject areas.
Study Unit 15

Financial instruments

  • Basic and complex financial instruments with initial and subsequent measurement;
  • Impairment of financial instruments;
  • Derecognition of financial assets and liabilities; • hedge accounting; and
  • Disclosure requirements.
Study Unit 16

Related parties and industry specific guidelines

  • Disclosure requirements of all industry specific areas within the previous study unites.
Study Unit 17

Transition to the IFRS for SMEs

  • Understand the scope and objectives IFRS for SMEs;
  • Understand the key recognition and measurement criteria; and
  • Demonstrate knowledge of the key disclosure and presentation issues associated with using international standards for the first time.


The entry requirements for the licence is a BAP(SA) or an equivalent designation at NQF level 7, together with a minimum of 8 years of relevant experience.

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