Description
Presenter
Mariëtte Muller-Sprout
Associate Director
- CA(SA), General Tax Practitioner (SA)
- 20+ Years of experience
Course outline
The long wait for the amended IFRS for SMEs Standard is over. The IASB issued the third edition of the IFRS for SME Accounting Standard on 27 February 2025.
This edition, with extensive stakeholder participation and feedback, will affect most of the entities applying the standard. With its two-volume print which includes the Basis for Conclusions and Illustrative financial statements, entities should familiarise themselves with the changes and how it is going to affect their financial reporting as the Standard is effective from 1 January 2027.
This session explores the significant changes made to the Standard with a specific focus on new accounting principles affecting recognition, measurement and disclosure and how the entity needs to get ready for the implementation phase.
Content:
The areas we will be covering in the session are:
- Effective date and transition requirements.
- Out with the old and in with the new -> We explore the most significant amendments made to the Standard and attain an understanding of how those will impact the entity:
a. Section 2 Concepts and pervasive principles
b. Section 11 Financial instruments
c. Section 23 Revenue from contracts with customers - New sections added to the standard and how they link with other sections and affect the identification of transactions, recognition, measurement and disclosures of the entity:
a. Section 12 Fair value adjustments - Other amendments that may impact some of the entities:
a. Section 9 Consolidated and separate financial statements
b. Section 19 Business combinations other than goodwill
c. Section 15 Joint arrangements - Amendments relating to clarifications and consequential amendments to take note of affecting various sections of the Standard and have an impact on the entity in terms of reporting in the financial statements.
Important to note:
- The course is open for 12 months and will then close
- A recording will be made available after the session. The recording will be available even if you were not able to join the session, and thus no refund will be applicable.
- Certificates will be issued on the date of successful completion of the assessment. The certificate will reflect the date of the training session.
