IFRS for SME Annual Financial Statements – 10 February 2025

This webinar is designed to provide CIBA members with an in-depth understanding of preparing annual financial statements according to the IFRS for SMEs framework. The session will empower attendees to confidently draft a full set of financial statements independently, adhering to the standards set forth by IFRS for SMEs and the Companies Act of South Africa. Attendees will gain practical, actionable insights into the requirements for financial reporting, including compliance with legislative and regulatory frameworks, with a focus on clarity, accuracy, and adherence to the governing standards.

Date:

10 February, 2025

Time:

14:00

Hours:

1.5 hours

CPD Units:

Category:

Accounting

Group:

Channel 0: Foundation, Channel 1: Compliance

Format:

Live Event

Product Information

This session will take attendees through each step of preparing financial statements according to IFRS for SMEs, focusing on what’s required by South African law. The content is designed to give everyone a solid understanding of both IFRS for SMEs and the Companies Act, so that after the session, CIBA members feel ready to compile financial statements that fully meet compliance standards.

What will set you apart

By attending this webinar you will gain the following competencies

- Understand the IFRS for SMEs Framework
  - - Learn the basics of IFRS for SMEs—what it is, why it’s important, and how it differs from the full IFRS standard.

- Know the Companies Act Requirements
  - - Understand what the South African Companies Act requires for annual financial statements, including essential legal obligations.

- Master Financial Statement Preparation
  - - Gain the skills to prepare key financial statements for SMEs, including the balance sheet, income statement, cash flow statement, and the notes that explain them.

- Apply Measurement and Disclosure Rules
  - - Get hands-on practice in applying IFRS for SMEs rules for measuring and disclosing information, particularly for assets, liabilities, income, and equity.

- Solve Practical Challenges
  - - Learn how to overcome common issues in preparing financial statements and get practical tips for handling tricky areas.

Event breakdown

- Introduction to IFRS for SMEs
  - - Overview of IFRS for SMEs: Purpose and Objectives
  - - Key Differences Between Full IFRS and IFRS for SMEs
  - - Importance of IFRS for SMEs for Small and Medium Enterprises
  - - Compliance benefits and considerations under the Companies Act

- Structure of Annual Financial Statements
  - - Components of Financial Statements in accordance with IFRS for SMEs
      - Statement of Financial Position (Balance Sheet)
      - Statement of Comprehensive Income (Income Statement)
      - Statement of Changes in Equity
      - Statement of Cash Flows
      - Notes to Financial Statements
  - - Practical example walkthrough: Preparing a balance sheet and income statement

- Detailed Review of IFRS for SMEs Sections
  - - Section 13: Inventories
  - - Section 16: Investment Property
  - - Section 17: Property, Plant, and Equipment
  - - Section 18: Intangible Assets Other than Goodwill
  - - Section 20: Leases
  - - Section 21: Provisions and Contingencies
  - - Section 22: Liabilities and Equity
  - - Emphasis on recognition, measurement, and disclosure requirements for each section

- Companies Act Requirements for Financial Reporting
  - - Overview of Financial Reporting Obligations under the Companies Act
  - - Legal Compliance for Annual Financial Statements
      - Role of the Companies and Intellectual Property Commission (CIPC)
      - Requirements for XBRL submissions
  - - Distinction between Public Interest Score (PIS) and IFRS for SMEs applicability
  - - Case study example on Companies Act compliance in financial statements

Certificate

The following event is awarded 2 CPD units in Accounting

Presenter/s

Leana van der Merwe

Leana: Leana van der Merwe, with 18+ years in accounting and corporate governance, Leana leads technical support at CIBA and is a recognized thought leader in regulatory compliance.