By Bruce Mackenzie, Allan Lombard, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko

An precious relief to businesses and auditors keen on first-time adoption of the hot SMEs standard

Applying the IFRS for SMEs offers specialist insights and factors of the overseas monetary Reporting criteria (IFRS) for small and medium organisations (SMEs) issued through the overseas Accounting criteria Board (IASB). this significant booklet contains complete insurance of this lately issued typical geared toward small and medium-sized businesses.

  • Provides crucial assurance for program of IFRS-now a need within the accounting world
  • Includes Foreword through Paul Pacter, Director of criteria for SMEs, IASB
  • Offers remark at the conception within the usual, illustrative disclosures, finished illustrative monetary statements and comparisons to complete IFRS
  • Includes appropriate genuine existence labored out examples aimed toward SMEs, plus summaries of significant points

The first ebook on easy methods to follow the hot SMEs common, Applying the IFRS for SMEs is a must have e-book in your small or medium-sized business.

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Extra resources for Applying IFRS for SMEs

Sample text

8). P1: OTA/XYZ P2: ABC c03 JWBT409-Mackenzie October 19, 2010 13:7 Printer Name: Yet to Come Financial Statement Presentation 38 DIFFERENCES BETWEEN IFRS FOR SMEs AND FULL IFRS IFRS for SMEs Full IFRS An option is provided to prepare a statement of income and retained earnings under certain conditions. Accrual basis of accounting and offsetting are not an overall consideration, but is included in the section on Concepts and Pervasive Principles (refer to Chapter 2). No separate presentation for assets held for sale and disposal groups in the SFP, but information about binding sale agreements for major disposal of assets needs to be disclosed.

Only in exceptional circumstances may an entity depart from this requirement, for example, if management concludes that compliance with the IFRS for SMEs would be so misleading that it would conflic with the objective of fair presentation of the financia statements. However, it should be noted that such a departure may only be applied when it is not specificall prohibited by any regulatory framework that is relevant to the entity. Should management arrive at the conclusion that such a departure is warranted, the entity is required to disclose the following information with a repetition of P1: OTA/XYZ P2: ABC c03 JWBT409-Mackenzie October 19, 2010 13:7 Printer Name: Yet to Come Overall Considerations 23 the disclosure in subsequent years if it affects the amounts recognized in those years: r A conclusion has been arrived at that the financia statements present fairly the entity’s financia position, financia performance, and cash fl ws.

P1: OTA/XYZ P2: ABC c03 JWBT409-Mackenzie Summary October 19, 2010 13:7 Printer Name: Yet to Come 39 A complete set of financia statements includes a statement of financia position: ◦ Either: ◦ A single statement of comprehensive income ◦ A separate income statement and separate statement of comprehensive income ◦ A statement of changes in equity ◦ A statement of cash fl ws ◦ Notes to the financia statements r A combined statement of income and retained earnings can replace the statement of comprehensive income and statement of changes in equity if the only movements in equity for the period relate to profi or loss, dividends, errors and changes in accounting policy.

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