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Concepts and Pervasive Principles under the IFRS for SMEs

Back to basics – understanding the core concepts and pervasive principles of the IFRS for SMEs.

3 CPD units March 24, 2025

What will set you apart

By completing this course you will gain the following competencies

  • Understanding the objective of financial statements in terms of the IFRS for SMEs (2015) (the International Financial Reporting Standard for Small and Medium-Sized Entities ) (effective 1 January 2017)
  • Understanding the qualitative characteristics of information in financial statements
  • Understanding the definition and recognition of items in the financial statements
  • Understanding the initial and subsequent measurement of items in the financial statements
  • Case studies to illustrate these concepts

Event breakdown

  • IFRS for SMEs: The who’s who
  • Objective of financial statements in terms of the IFRS for SMEs
  • Qualitative characteristics of information in financial statements
  • Items in the statement of financial position (assets, liabilities, equity)
  • Items of performance (income (profit or loss vs other comprehensive income) and expenses)
  • Recognition of assets, liabilities, income and expenses in financial statements
  • Measurement at initial recognition in general
  • Subsequent measurement in general
Category: AccountingType: CPD CourseCPD category: Accounting

Description

The webinar will begin with a quick overview of who should/can apply the IFRS for SMEs. The webinar will take you ‘back to basics’ and consider the following foundational questions:
  • Why do we prepare financial statements?
  • What are the qualitative characteristics of information in financial statements?
  • What is an asset, liability, or equity? What is an income or expense?
  • When are the items above recognised in the financial statements?
  • At what amount are the items initially recognised in general?
  • At what amount are the items subsequently measured in general?

You will earn a certificate

On successful completion you will receive a certificate for 3 CPD units in Accounting.

Requirements

  • Laptop, desktop, or mobile device with internet access
  • Microsoft Edge, Google Chrome, Safari, or Firefox browser