Concepts and Pervasive Principles under the IFRS for SMEs – 24 March 2025

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

Date:

24 March, 2025

Time:

14:30

Hours:

3 hours

CPD Units:

3

Category:

Accounting

Group:

Channel 1: Compliance

Format:

Live Event
Concepts and Pervasive Principles under the IFRS for SMEs - 24 March 2025

R345,00 VAT incl.

Presenter/s

Product Information

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?

What will set you apart

By attending this webinar you will gain the following competencies

  1. 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)
  2. Understanding the qualitative characteristics of information in financial statements
  3. Understanding the definition and recognition of items in the financial statements
  4. Understanding the initial and subsequent measurement of items in the financial statements
  5. 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

Certificate

The following event is awarded 3 CPD units in Accounting.

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