IFRS for SMEs. InspiredFR 2012
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- Bathsheba Gibbs
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1 IFRS for SMEs InspiredFR 2012
2
3 Agenda Scope Public Accountability Concepts and Pervasive Principles Presentation and disclosure Accounting policies, estimates, errors Case studies and examples
4 Highlights Areas with greatest impact and differences from IFRS, ie the bare minimum you should know about the IFRS for SMEs
5 Purpose and scope Some parts of full IFRS are unnecessary, too complex or too expensive for other sorts of reporting, e.g. unconsolidated statements or most unlisted companies IFRS for SMEs (July 2009) is designed for this other reporting Some unlisted companies which are publicly accountable, e.g. banks or insurance companies, can not use IFRS for SMEs
6 Scope Definition of Public Accountability The scope states that an SME s does not have public accountability (PA) PA is defined as: 1..Equity or debt is publically traded, and 2. Holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses In SA any Company may use IFRS for SMEs (Ltd or Pty), so long as the entity is scoped in
7 Overview of IFRS for SMEs 230 pages long (plus basis for conclusions, disclosure checklist and illustrative f/s) 35 sections plus a preface and glossary Initial implementation review after 2 years Amendments expected every 3 years
8 Basis - Framework Is the SME standard also based on the Framework of Full IFRS? No It is based on Section 2 Concepts and Pervasive Principles
9 Basis Framework (2) Implications include: All other Sections are developed based on other principles than Full IFRS Therefore, you cannot rely on your IFRS knowledge when applying SMEs No mandatory fallback to Full IFRS!! If the standard does not provide guidance (this may happen often, as the standard is small ) The SME standard requires development of acounting policies in line with Section 2.
10 Comparison with full IFRS Shorter Less frequent amendments Simplifications: deleted topics simpler recognition and measurement Simplifications: deleted options inserted options fewer disclosures
11 Comparison with full IFRS Organized and numbered by IAS/IFRS standards Organized by topic (e.g. Inventories etc) More than 3000 pages Around 230 pages Around 3000 disclosure points Around 300 disclosure points Updated continuously Updated- 3 year cycle
12 Concepts Two fundamental elements are: Assets Resource controlled by the entity as a result of past events and from which future economic benefits are expected to flow to the entity Liabilities Present obligation arising from past events, the settlement of which is expected to result in an outflow from the entity of resources embodying economic benefits
13 Financial instruments (FIs)
14 Financial instruments (FIs) 1. Basic Financial Instruments BFIs 99-95% 2. Other Financial Instruments OFIs 1-5%)
15 Basic Financial Instruments Types of BFIs: 1. Cash 2. Debt instrument (issued or acquired) 3. Commitment to receive a loan 4. Shares (ownership of / investment in equity of another entity): Ordinary (OS) or Preference shares (PS) [PS must be non-convertible and both OS and PS non-puttable]
16 Debt instruments - Types 1. Issued Debtors, loans receivable etc. 2. Acquired Creditors, loans payable etc.
17 Debt instruments - Definition 1. Returns are either a fixed amount (eg no interest, just principal), fixed rate or variable rate based on an observable interest rate (eg prime + 1%) Eg: Debtors / Creditors Loans receivable/payable Bonds / debentures held or issued
18 Debt instruments Def (cont) 2. No contractual provision that could result in the holder losing the principal amount or any interest. 3..Provisions that permit the debtor to prepay the debt or the creditor to pay back the outstanding amount before maturity are not contingent on future events. 4..There are no conditional returns or repayment provisions, except for a fixed/variable return and/or prepayment provisions are not contingent on future events.
19 BFIs - Measurement Initial measurement At the transaction price (incl transaction costs) Unless the arrangement constitutes a financing transaction this remember?) (We ve discussed
20 First-time adoption (FTA)
21 First-time Adoption Which entities must do a FTA? None of them have to. but, realistically 95% of your clients will be FT Adopters of the IFRS for SMEs, whether they previously used ANY standard/framework, eg: SA GAAP for SMEs SA GAAP IFRS Entity specific (eg some CC s with their own a/c policies)
22 First-time Adoption (cont) All your clients (Co s) currently on SA GAAP for SMEs must convert to IFRS, SA GAAP or IFRS for SMEs Chances are they will not convert to IFRS/SA GAAP (step-up, more complex), but rather convert to IFRS for SMEs (keeping it simpler) So, do you now understand why MOST (almost all) of your clients will be FTA ers? Even those on SA GAAP, now is the time!!
23 Highlights FTA (cont) It is crucial that the FTA process is: 1. Done (not ignored!!!!) and 2. Done correctly This will allow for a lot of potential once-off benefits and most definitely make the audit/afs preparation in subsequent fin periods easier and more streamlined
24 FTA Two key steps Determine: 1. Date of transition (DOT): The beginning of earliest period presented 2. Select accounting policies based on IFRS for SMEs at y /: Assume a y/e of 31 December 2010 for this presentation 24
25 FTA Key steps (cont) Prepare at least two years financial statements using those policies Required: Financial statements for 2010 and 2009 using IFRS for SMEs Need not present balance sheet at 01/01/09 Optional: Present IFRS for SMEs financial statements earlier than
26 FTA Key steps (cont) Important simplification for SMEs: If it is impracticable to restate one or more prior period items, IFRS for SMEs allows an exception, with disclosure of the resulting non-comparabilities 26
27 FTA Selecting initial policies Criteria for selecting accounting policies Relevance Reliability Many accounting policy decisions depend on circumstances not free choice But some are pure free choice 27
28 FTA Adjustments required Adjustments to move from previous GAAP to IFRS for SMEs at FTA should be recognised directly in retained earnings at the DOT 28
29 FTA Exceptions to restatement There are some exceptions to the requirement to restate comparative data using IFRS for SMEs: Some exceptions are optional Some exceptions are mandatory 29
30 FTA Optional exceptions Property, plant and equipment: May measure at FV at DOT 01/01/2009. This becomes deemed cost going forward Also, revaluations under old GAAP can be deemed cost at 01/01/2009 In both cases, starting 01/01/2009 entity uses cost-depreciation-impairment model going forward 30
31 FTA Optional exceptions In general the std requires comparative information for all amounts in financial statements and in the notes Exemption if it is impracticable to make the comparative disclosure at FTA But the omission must be disclosed 31
32 Contact details Allan Lombard M: E: Coming soon to a computer near you!
33 Disclaimer No party may rely upon the accounting opinions expressed during this presentation for any purpose whatsoever. Allan Lombard or InspiredFR shall not be liable to anyone in respect of any reliance placed on information received from or views expressed during this seminar. Should you wish to obtain an official view on a specific issue or structure, please contact Allan Lombard or InspiredFR and we will be happy to assist you once the specific facts and circumstances of your query have been fully understood. All rights reserved. No part of this publication may be translated, reprinted or reproduced in any form either in whole or in part or by any electronic, mechanical or other means, including photocopying without prior permission in writing from Allan Lombard.
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