IFRS SMEs

The SME sector at the moment accounts for over 85 percent of all business in the world and represents the primary driver of job creation and growth in most countries. The biggest challenge faced by small and medium enterprises is the access to finance, which has been exacerbated by the global financial crisis. By adopting IFRS for SMEs, small businesses would be able to provide potential lenders and investors with credible, standardized and transparent financial records, facilitating the extension of credit and benefiting the long term diversification and stability of the domestic economy. The new IFRS for SMEs provides clear benefits to investors, lenders and those seeking to raise finance. This two-day course examines the IASB requirements for applying IFRS for Small and Medium-Sized Entities (SMEs). The standard was published in July 2009 and was available for immediate adoption by jurisdictions. This course is aimed at increasing the awareness of IFRS for SMEs. It will discuss the practical implementation requirements for the first time adoption of IFRS for SMEs and identifies the key differences between a full IFRS and IFRS for SME Topics include: Scope. Concepts and pervasive principles. Differences between full IFRS and IFRS for SMEs. Presentation of financial statements: Illustrative financial statements and Disclosure checklist. Statement of financial position. Statement of comprehensive income and income statement. Statement of changes in equity and statement of income and retained earnings. Statement of cash flows. Also included are discussions of: Notes to the financial statements. Consolidated and separate financial statements. Accounting policies, estimates and errors. Financial instruments. Inventories. Investments in associates and joint ventures. Investment property. Property, plant and equipment. Intangible assets.

Business combinations and goodwill. Leases. Provisions and contingencies. Liabilities and Equity. Revenue. Government grants. Borrowing costs. Share-based payment.

Further topics in the course are: Impairment of assets. Employee benefits. Income tax. Foreign currency translation. Hyperinflation, Events after the end of the reporting period. Related party disclosures. Specialized Activities. Transition to the IFRS for SMEs.
1.1.1 Prerequisites

Understanding of basic accounting principles. No advance preparation is required for this course. Identify the entities that can apply the IFRS for SMEs framework. Analyze the costs and benefits of adopting IFRS for SMEs as opposed to full IFRS. Highlight the key differences between full IFRS and IFRS for SMEs. Background to the development of IFRS for SMEs in the context of the global economy. Mapping the current reporting framework adopted by privately owned businesses, i.e. generally acceptedaccounting principles, as determined by management. Discussing the impact of resulting inconsistencies in reporting for companies in similar business lines. Determining reporting requirements of key stakeholders for privately held entities. Considering the reasons for the reluctance to adopt full IFRS by these entities.

1.1.2 Topics

1.1.3 Course benefits

Reviewing practical implementation requirements for the first time adoption of IFRS for SMEs. Examining the key differences between full IFRS and IFRS for SMEs. Practical examples of financial statements prepared under IFRS for SMEs. Understanding and resolving any practical implementation issues for your organization. Chief Accountants. Heads of Finance. Finance Managers and Accountants, Financial Controllers. Heads of Accounting and Administration. Financial Analysts. Auditors.

1.1.4 Who should attend?

1.1.5 Number of days and CPE Credits

This two days course is eligible for 16 CPE Credits.

Course IFRS SME's IFRS SME's Days 2 2 City Islamabad Kuala Lumpur Country Pakistan Malaysia Start 10-10-2011 14-11-2011 Finish 11-10-2011 15-11-2011 Fee $1.000 $1.000