New IFRS For SMEs
Presenters : Caryn Maitland CA(SA)
Overview
The International Accounting Standards Board (IASB) recently issued the Third Edition of the IFRS for SMEs Accounting Standard, bringing some of the most extensive changes to the framework since its launch. These amendments bring the framework into closer alignment with full IFRS principles while retaining practical simplifications..
This webinar provides a structured overview of the principal amendments, explains the rationale behind the changes, and explores their practical implications for entities applying the IFRS for SMEs Accounting Standard. Rather than focusing on every technical amendment, the session highlights the areas most likely to affect financial reporting and provides practical guidance on planning for implementation.
Join Caryn Maitland CA(SA) as she unpacks the Third Edition of the IFRS for SMEs Accounting Standard, explains what has changed and why, and provides practical insights to help accounting professionals, advisers and preparers assess the impact of the new requirements and prepare confidently for implementation.
Learning objectives
Attending this webinar will equip you with the following skills:
- Assess the transition timelines, effective dates, and early adoption rules for the Third Edition.
- Pinpoint the major sections undergoing changes, including revenue, consolidation, and fair value.
- Evaluate how these principal amendments will impact your existing accounting policies and professional judgements.
- Formulate a practical roadmap for reviewing client contracts, group structures, and financial templates.
- Execute an initial gap analysis to ensure a smooth transition with minimum disruption to your practice.
Content
The webinar will cover the following topics:
- Theme 1: Setting the Scene — What Is Changing?
- Overview of the IFRS for SMEs Accounting Standard
- Development of the Third Edition
- Effective Date
- Theme 2: A Stronger Foundation for Accounting Judgements
- Section 2: Concepts and Pervasive Principles
- Practical implications
- Theme 3: Who Controls Whom?
- Section 9: Consolidated and Separate Financial Statements
- Section 15: Joint Arrangements
- Theme 4: Financial Instruments — Important Changes Without Full IFRS 9 Complexity
- Theme 5: Fair Value Brought Together
- New Section 12: Fair Value Measurement
- Theme 6: Revenue — Moving to a Comprehensive Contract-Based Model
- Section 23: Revenue from Contracts with Customers
- Theme 7: Business Combinations — A Revised Acquisition Method
- Section 19: Business Combinations and Goodwill
- Theme 8: Other Changes Practitioners Should Not Miss
- Section 3: Financial Statement Presentation
- Section 7: Statement of Cash Flows
- Section 17: Property, Plant and Equipment
- Section 21: Provisions and Contingencies
- Section 26: Share-based Payment
- Section 28: Employee Benefits
- Section 29: Income Tax
- Section 30: Foreign Currency Translation
- Section 33: Related-Party Disclosures
- Theme 9: Transition — Turning Awareness into Action
- Appendix A: Effective Date and Transition
- Practical implementation roadmap
