Introduction to and Scope of the IFRS for SME s
|
|
- Colin Nicholson
- 5 years ago
- Views:
Transcription
1 Introduction to and Scope of the IFRS for SME s
2 Copyright and Disclaimer 2015, Copyright, Van Wyk Compton Incorporated This work, and any seminar related thereto, are protected by copyright laws and international treaties. This work includes, but is not limited to, seminar content, images, illustrations, designs, logos, photographs, audio clips, video clips, articles, documents, plans and other materials and is the exclusive property of Van Wyk Compton Incorporated. You may not copy, reproduce, republish, upload, display, prepare derivative works, report, post, transmit or distribute materials in any form, whether electronic or otherwise, without Van Wyk Compton Incorporated s prior written consent. A party infringing such copyright may be liable to a civil claim and/or criminal proceedings in certain circumstances. Disclaimer This work, or the seminars related thereto, are not intended to constitute professional advice. The views expressed are those of the author and the presenter. While reasonable care has been taken to ensure the accuracy of this publication and the presentation thereof, the author and the presenter expressly disclaim any liability to any person relating to anything done or omitted to be done, or to the consequences thereof, in reliance upon this work or the views expressed by the presenter. Seminar material is for the sole use of the participant and is the copyright of Van Wyk Compton Incorporated.
3 Welcome What is an SME in terms of the IFRS for SMEs? Presenter: Anton van Wyk M. Com CA (SA)
4 Small and Medium-sized Entities Basis of this lecture is the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) published by the International Accounting Standards Board (IASB) in July 2009 Certain amendments to the existing IFRS for SMEs Amendments published May 2015 Amendments effective 1 January 2017 only Basic principle: IFRS for SMEs to be applied to the general purpose financial statements of entities that do not have public accountability This module investigates the characteristics of SMEs as defined by the IASB
5 The IFRS for SMEs (July 2009) Includes mandatory requirements, and other non-mandatory material Non-mandatory material: Preface to IFRS for SMEs Implementation guidance (including illustrative AFS and disclosure checklist) Basis for conclusions Dissenting opinion(s) Appendices to Section 21 Provisions and Contingencies, Section 22 Liabilities and Equity and Section 23 Revenue Questions and answers developed by the SME Implementation Group (SMEIG)
6 The objective of AFS The objective of general purpose financial statements of a small or mediumsized entity is to provide information about the entity s financial position ( balance sheet ), performance ( income statement ) and cash flows ( cash flow statement ), that is useful for economic decision-making by a broad range of users Owners not involved in managing the business Potential owners/investors Existing and potential lenders Other creditors who are not in a position to demand reports tailored to meet their particular information needs
7 Scope of IFRS for SMEs May only be used by SMEs Decisions on which entities are required/permitted to use the IFRS for SMEs rest with legislative and regulatory authorities and standard-setters in individual jurisdictions The IASB did not prescribe quantified size criteria to help determine this decision, hence certain local jurisdictions may do so to assist In South Africa, the Companies Act, Act number 71 of 2008, determines the calculation of the Public Interest Score (PIS), which will be discussed later in this lecture PUBLIC INTEREST SCORE
8 IASB definition of SME Entities that: Do not have public accountability; and Publish general purpose financial statements for external users What is public accountability? Public accountability exists if: Debt or equity instruments are traded in a public market or it is in the process of issuing such instruments for trading in a public market (e.g. domestic or foreign stock exchange, an OTC market, local and regional markets); OR It holds assets in a fiduciary capacity for a broad group of outsiders as one of its primary businesses (typically banks, credit unions, insurance companies, securities brokers/dealers, mutual funds and investment banks)
9 Public accountability What is a public market? Not restricted to recognised or regulated stock exchanges All markets that bring together: Entities who seek capital; and Investors who are not involved in managing the entity Public markets must be accessible by a broad group of outsiders Trading is an important part of public accountability (e.g. shares for sale may have to be advertised publicly before being sold, but the lack of trading in those shares means that there is no public accountability; or shares could have a quoted price but there is no public market in which they are traded (buyers and sellers meet directly to trade), which also means there is no public accountability
10 Public accountability (2) Do all entities holding assets in a fiduciary capacity, have public accountability? No only if held for a broad group of outsiders who cannot demand reports, and as a main business line What does that imply? Judgement is required Accountability to those existing and potential resource providers and others external to the entity who make economic decisions but are not in a position to demand reports tailored to meet their particular information needs E.g. a subsidiary holding assets on behalf of only group companies would not typically have public accountability as it doesn t hold the assets on behalf of a broad group of outsiders, and group companies may require specific reports
11 South Africa: Public Interest Score Companies Regulations (effective 1 May 2011) determine in Regulation 26(2) the following: For the purposes of regulations 27 to 30, 43, 127 and 128, every company must calculate its public interest score at the end of each financial year, calculated as the sum of the following a) a number of points equal to the average number of employees of the company during the financial year; b) one point for every R1 million (or portion thereof) in third party liability of the company, at the financial year-end, c) one point for every R1 million (or portion thereof) in turnover during the financial year; and d) one point for every individual who, at the end of the financial year, is known by the company i. in the case of a profit company, to directly or indirectly have a beneficial interest in any of the company s issued securities; or ii. in the case of a non-profit company, to be a member of the company, or a member of an association that is a member of the company.
12 What is the P.I.S. used for? To assist in determining whether an entity should be audited or independently reviewed in terms of the Companies Act, Act number 71 of 2008 All entities with public accountability (e.g. state-owned entities and public companies) must be audited and must use full IFRSs in their financial statements Profit and non-profit entities to be audited/independently reviewed based on their public interest score (PIS) Public interest score also indicates which financial reporting standards (FRS) should be used, also considering whether entity s financial statements are independently or internally compiled Full IFRSs; or IFRS for SMEs; or Micro-GAAP etc. Not the focus of this lecture
13 IASB definition of SME (2) Entities that: Do not have public accountability; and Publish general purpose financial statements for external users General purpose financial statements Directed towards the common information needs of a wide range of users, for example, shareholders, creditors and employees Specific-purpose financial statements are not necessarily general purpose financial statements too E.g. for the use of owner-managers; For tax reporting; For non-securities regulatory filing purposes etc.
14 Statement of compliance An entity whose financial statements comply with the IFRS for SMEs must make an explicit and unreserved statement of such compliance in the notes to the financial statements Any entity who has public accountability, is prohibited from making this statement, even if it is required by law to apply the IFRS for SMEs in its jurisdiction What does the statement look like? These financial statements have been prepared in accordance with the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs) issued by the International Accounting Standards Board.
15 Group issues A subsidiary whose parent uses full IFRSs (or that is part of a consolidated group that uses full IFRSs) is not prohibited from using the IFRS for SMEs for preparation of its own financial statements, as long as the subsidiary: Does not have public accountability; or Does not hold fiduciary assets on behalf of a broad group of outsiders Decision based on its OWN circumstances, and not those of parent/group Separate financial statements of a parent, prepared in addition to consolidated financial statements may be presented in terms of the IFRS for SMEs, even if it prepares consolidated financial statements in terms of full IFRSs The same considerations as above will apply
16 In summary Full IFRSs are designed to apply to the general purpose financial statements and other financial reporting of all profit-oriented entities. The IFRS for SMEs is intended to apply to the general purpose financial statements only of entities that do not have public accountability.
17 Test your knowledge (1) Question 1 In which of the following situations can an entity that does not have public accountability claim compliance with the IFRS for SMEs in its financial statements? (a) The entity prepares its financial statements in accordance with local tax requirements that are substantially the same as the IFRS for SMEs. (b) The entity prepares its financial statements in accordance with local tax requirements that are, except in name, word-for-word the same as the IFRS for SMEs. (c) The entity prepares its financial statements in accordance with local tax requirements that are, except in name, word-for-word the same as full IFRSs. (d) In both cases (b) and (c) above.
18 Test your knowledge (2) Question 2 In which of the following situations can an entity that does not have public accountability claim compliance with the IFRS for SMEs in its financial statements? (a) The entity prepares its financial statements in accordance with local GAAP that is substantially the same as the IFRS for SMEs. (b) The entity prepares its financial statements in accordance with local GAAP that is, except in name, word-for-word the same as the IFRS for SMEs. (c) The entity prepares its financial statements in accordance with the IFRS for SMEs. (d) In both cases (b) and (c) above.
19 Test your knowledge (3) Question 3 Which of the following entities must not describe its financial statements as being in compliance with the IFRS for SMEs even if it is required by law to prepare its financial statements in accordance with the IFRS for SMEs? (a) the entity is a subsidiary whose parent uses full IFRSs. (b) the entity is an associate of an investor that uses full IFRSs. (c) the entity is a jointly controlled entity whose venturers (investors) use full IFRSs. (d) cases (a), (b) and (c) above. (e) none of the cases (a) (c) above.
20 Test your knowledge (4) Question 4 Which of the following entities must not describe its financial statements as being in compliance with the IFRS for SMEs even if it is required by law to prepare its financial statements in accordance with the IFRS for SMEs? (a) an entity that holds assets in a fiduciary capacity for a broad group of outsiders as its primary business (e.g. a bank). (b) an entity that operates two divisions in each of its retail outlets a supermarket and a bank (which holds assets in a fiduciary capacity for a broad group of outsiders)). Both divisions are primary businesses of the entity. (c) an entity that operates primarily as supermarket chain. However, it also enters into insurance contracts (as the insurer) with its customers. The entity s short-term insurance and life insurance operations are small relative to the size of its supermarket operations and are operated from the entity s supermarkets. (d) an entity holds assets in a fiduciary capacity for a broad group of outsiders for reasons incidental to a primary business (e.g. a law firm that is legally required to hold in trust advances from its clients for legal services to be rendered). (e) cases (a), (b) and (c) above. (f) cases (a) (d) above.
21 Test your knowledge (5) Question 5 Which of the following entities must not describe its financial statements as being in compliance with the IFRS for SMEs even if it is required by law to prepare its financial statements in accordance with the IFRS for SMEs? (a) an entity whose shares are traded in a public market (e.g. a local securities exchange). (b) an entity whose debt instruments (but not its shares) are traded in a public market (e.g. a local securities exchange). (c) an entity that is in the process of issuing its shares for trading in a public market (e.g. a local securities exchange). (d) an entity that is in the process of issuing its debt instruments (but not its shares) for trading in a public market (e.g. a local securities exchange). (e) cases (a) and (b) above. (f) cases (a) (d) above.
22 Questions Should you have any questions, relating to this lecture and its content, please direct them to the following address, with the subject of the clearly indicating Scope of the IFRS FOR SMEs : anton@vwcinc.co.za We trust you have enjoyed this module.
Module 1 Small and Medium-sized Entities
IFRS for SMEs Standard (2015) + Q&As IFRS Foundation Supporting Material for the IFRS for SMEs Standard Module 1 Small and Medium-sized Entities IFRS Foundation Supporting Material for the IFRS for SMEs
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 1 Small and Medium-sized Entities
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 1 Small and Medium-sized Entities IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 1 Small
More informationModule 5 Statement of Comprehensive Income and Income Statement
IFRS for SMEs Standard (2015) + Q&As IFRS Foundation Supporting Material for the IFRS for SMEs Standard Module 5 Statement of Comprehensive Income and Income Statement IFRS Foundation Supporting Material
More informationModule 6 Statement of Changes in Equity and Statement of Income and Retained Earnings
IFRS for SMEs Standard (2015) + Q&As IFRS Foundation Training Material for the IFRS for SMEs Standard Module 6 Statement of Changes in Equity and Statement of Income and Retained Earnings IFRS Foundation
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET June 2010 IFRS 8 Operating Segments (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET February 2010 IFRS 1 First-time Adoption of International Financial Reporting Standards (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based
More informationModule 7 Statement of Cash Flows
IFRS for SMEs Standard (2015) + Q&As IFRS Foundation Supporting Material for the IFRS for SMEs Standard Module 7 Statement of Cash Flows IFRS Foundation Supporting Material for the IFRS for SMEs Standard
More informationICPAK Financial Reporting Workshop ICPAK Financial Reporting Workshop IFRS for SMEs an Overview December Presented by: Simon Fisher
ICPAK Financial Reporting Workshop ICPAK Financial Reporting Workshop IFRS for SMEs an Overview December 2011 Presented by: Simon Fisher This slide presentation has been prepared for general guidance only,
More informationModule 12 Other Financial Instruments Issues
IFRS for SMEs (2009) + Q&As IFRS Foundation: Training Material for the IFRS for SMEs Module 12 Other Financial Instruments Issues IFRS Foundation: Training Material for the IFRS for SMEs including the
More informationModule 33 Related Party Disclosures
IFRS for SMEs (2009) + Q&As IFRS Foundation: Training Material for the IFRS for SMEs Module 33 Related Party Disclosures IFRS Foundation: Training Material for the IFRS for SMEs including the full text
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET February 2010 IAS 12 Income Taxes (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 31 Hyperinflation
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 31 Hyperinflation IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 31 Hyperinflation of the
More informationMalaysian Private Entities Reporting Standard (MPERS)
LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA MALAYSIAN ACCOUNTING STANDARDS BOARD Malaysian Private Entities Reporting Standard (MPERS) This document incorporates 2015 Amendments to the Malaysian Private Entities
More informationModule 3 Financial Statement Presentation
IFRS for SMEs Standard (2015) + Q&As IFRS Foundation Supporting Material for the IFRS for SMEs Standard Module 3 Financial Statement Presentation IFRS Foundation Supporting Material for the IFRS for SMEs
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET February 2011 IAS 19 Employee Benefits (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International Financial
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET February 2010 IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET February 2010 IAS 34 Interim Financial Reporting (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET April 2011 IAS 37 Provisions, Contingent Liabilities and Contingent Assets (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements
More information1 AASB 1053 Application of Tiers of Australian Accounting Standards AASB 1053 APPLICATION OF TIERS OF AUSTRALIAN ACCOUNTING STANDARDS FACT SHEET
1 AASB 1053 Application of Tiers of Australian Accounting Standards AASB 1053 APPLICATION OF TIERS OF AUSTRALIAN ACCOUNTING STANDARDS FACT SHEET 2 AASB 1053 Application of Tiers of Australian Accounting
More information1 IFRS 14 Regulatory Deferral Accounts IFRS 14 REGULATORY DEFERRAL ACCOUNTS FACT SHEET
1 IFRS 14 Regulatory Deferral Accounts IFRS 14 REGULATORY DEFERRAL ACCOUNTS FACT SHEET 2 IFRS 14 Regulatory Deferral Accounts This fact sheet is based on existing requirements as at 31 December 2015 and
More informationIFRS for SMEs PART A. International Financial Reporting Standard (IFRS ) for Small and Medium-sized Entities (SMEs)
2015 International Financial Reporting Standard (IFRS ) for Small and Medium-sized Entities (SMEs) IFRS for SMEs This official pronouncement incorporates 2015 Amendments to the IFRS for SMEs (effective
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 3 Financial Statement Presentation
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 3 Financial Statement Presentation IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 3 Financial
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET September 2011 IFRS 9 Financial Instruments (This fact sheet is based on the standard as at 1 January 2011.) Important note: This fact sheet is based on the requirements of the International
More informationfor SMEs International Financial Reporting Standard (IFRS ) for Small and Medium-sized Entities (SMEs)
2009 International Accounting Standards Board (IASB ) IFRS for SMEs International Financial Reporting Standard (IFRS ) for Small and Medium-sized Entities (SMEs) International Financial Reporting Standard
More informationIFRS for SMEs scope and concepts
28 April 2010 International Financial Reporting Standards IFRS for SMEs scope and concepts World Bank GDLN Michael Wells, Director of IFRS Education Initiative IASC Foundation The views expressed in this
More informationInternational Accounting Standards Board / Members of the SME Implementation Group 30 Cannon Street London EC4M 6XH United Kingdom
Note to constituents Within the EU, the IFRS for SMEs cannot be applied by entities as an alternative to national requirements. In addition, Member States cannot allow the use of the IFRS for SMEs when
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 33 Related Party Disclosures
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 33 Related Party Disclosures IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 33 Related
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET April 2010 IAS 36 Impairment of Assets (This fact sheet is based on the standard as at 1 January 2010.) Important note: This fact sheet is based on the requirements of the International Financial
More information1 IAS 24 Related Party Disclosures IAS 24 RELATED PARTY DISCLOSURES FACT SHEET
1 IAS 24 Related Party Disclosures IAS 24 RELATED PARTY DISCLOSURES FACT SHEET 2 IAS 24 Related Party Disclosures This fact sheet is based on existing requirements as at 31 December 2015 and it does not
More informationIASC Foundation: Training Material for the IFRS for SMEs. Module 11 Basic Financial Instruments
2009 IASC Foundation: Training Material for the IFRS for SMEs Module 11 Basic Financial Instruments IASC Foundation: Training Material for the IFRS for SMEs including the full text of Section 11 Basic
More informationAGREEMENT BETWEEN USER AND SA HOME LOANS
AGREEMENT BETWEEN USER AND SA HOME LOANS The SA Home Loans Web Site is comprised of various Web pages operated by SA Home Loans. The SA Home Loans Web Site is offered to you conditioned on your acceptance
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 28 Employee Benefits
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 28 Employee Benefits IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 28 Employee Benefits
More informationModule 17 Property, Plant and Equipment
IFRS for SMEs Standard (2015) + Q&As IFRS Foundation Supporting Material for the IFRS for SMEs Standard Module 17 Property, Plant and Equipment IFRS Foundation Supporting Material for the IFRS for SMEs
More informationIFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: South Africa
IFRS APPLICATION AROUND THE WORLD JURISDICTIONAL PROFILE: South Africa Disclaimer: The information in this Profile is for general guidance only and may change from time to time. You should not act on the
More information1 IAS 27 Separate Financial Statements IAS 27 SEPARATE FINANCIAL STATEMENTS FACT SHEET
1 IAS 27 Separate Financial Statements IAS 27 SEPARATE FINANCIAL STATEMENTS FACT SHEET 2 IAS 27 Separate Financial Statements This fact sheet is based on existing requirements as at 31 December 2015 and
More informationACCOUNTING STANDARDS BOARD DIRECTIVE 5 DETERMINING THE GRAP REPORTING FRAMEWORK
ACCOUNTING STANDARDS BOARD DIRECTIVE 5 DETERMINING THE GRAP REPORTING FRAMEWORK Issued by the Accounting Standards Board March 2009 Accounting Standards Board P O Box 74219 Lynnwood Ridge 0040 Fax: +27
More informationInternational Financial Reporting Standards (IFRS)
FACT SHEET November 2011 IFRS 10 Consolidated Financial Statements (This fact sheet is based on the standard as at 1 September 2011.) Important note: This fact sheet is based on the requirements of the
More information1 IAS 10 Events after the Reporting Period IAS 10 EVENTS AFTER THE REPORTING PERIOD FACT SHEET
1 IAS 10 Events after the Reporting Period IAS 10 EVENTS AFTER THE REPORTING PERIOD FACT SHEET 2 IAS 10 Events after the Reporting Period This fact sheet is based on existing requirements as at 31 December
More informationFINANCIAL PRUDENCE WORKSHOP FOR SMALL MEDIUM SIZE ENTITIES. 8th -10th December 2014, SAFARI PARK NAIROBI.
FINANCIAL PRUDENCE WORKSHOP FOR SMALL MEDIUM SIZE ENTITIES 8th -10th December 2014, SAFARI PARK NAIROBI. FINANCIAL REPORTING FOR SMEs By: CPA JOSEPHAT NJOROGE WAITITU. CONTACTS:JOSEPHAT WAITITU & ASSOCIATES
More informationIFRS. for SMEs. International Accounting Standards Board (IASB ) Basis for Conclusions
2009 International Accounting Standards Board (IASB ) Basis for Conclusions IFRS for SMEs International Financial Reporting Standard (IFRS ) for Small and Medium-sized Entities (SMEs) International Financial
More informationNew Zealand Equivalent to International Financial Reporting Standard 9 Financial Instruments (NZ IFRS 9)
New Zealand Equivalent to International Financial Reporting Standard 9 Financial Instruments (NZ IFRS 9) Issued September 2014 and incorporates amendments to 31 December 2016 other than consequential amendments
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 22 Liabilities and Equity
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 22 Liabilities and Equity IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 22 Liabilities
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 6 Statement of Changes in Equity and Statement of Income and Retained Earnings
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 6 Statement of Changes in Equity and Statement of Income and Retained Earnings IFRS Foundation: Training Material for the IFRS for SMEs
More information1 IAS 11 Construction Contracts IAS 11 CONSTRUCTION CONTRACTS FACT SHEET
1 IAS 11 Construction Contracts IAS 11 CONSTRUCTION CONTRACTS FACT SHEET 2 IAS 11 Construction Contracts This fact sheet is based on existing requirements as at 31 December 2015 and it does not take into
More informationHong Kong Financial Reporting Standard for Private Entities
HKFRS for Private Entities Revised September 2015 Effective upon issue Effective for financial statements which cover a period beginning on or before 31 December 2016 Hong Kong Financial Reporting Standard
More informationSAIPA SEMINAR APRIL / MAY 2011 ADDENDUM TO SEMINAR NOTES
SAIPA SEMINAR APRIL / MAY 2011 PREAMBLE ADDENDUM TO SEMINAR NOTES : The Impact of the Companies Regulations On Wednesday 20 April 2011, the DTI issued a media release confirming that the new Companies
More informationIASC Foundation: Training Material for the IFRS for SMEs. Module 24 Government Grants
2009 IASC Foundation: Training Material for the IFRS for SMEs Module 24 Government Grants IASC Foundation: Training Material for the IFRS for SMEs including the full text of Section 24 Government Grants
More informationInternational Financial Reporting Standard. Small and Medium-sized Entities
A Staff Overview This overview of the IASB s exposure draft of a proposed International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) was prepared by Paul Pacter, IASB
More informationNew Zealand Equivalent to SIC Interpretation 32 Intangible Assets Web Site Costs (NZ SIC-32)
New Zealand Equivalent to SIC Interpretation 32 Intangible Assets Web Site Costs (NZ SIC-32) Issued November 2004 and incorporates amendments to 31 December 2016 other than consequential amendments resulting
More informationWEBSITE TERMS OF USE
Last Modified: November 7, 2017 WEBSITE TERMS OF USE Welcome to www.westsidememberlogin.com (this Website ), a website created by Michael L. Johnson, LLC, a California limited liability company ( Company,
More informationIASC Foundation: Training Material for the IFRS for SMEs. Module 4 Statement of Financial Position
2009 IASC Foundation: Training Material for the IFRS for SMEs Module 4 Statement of Financial Position IASC Foundation: Training Material for the IFRS for SMEs including the full text of Section 4 Statement
More informationInternational Financial Reporting Standard (IFRS) for Small and Medium-sized Entities
International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities Section 1 Small and Medium-sized Entities Intended scope of this Standard 1.1 The IFRS for SMEs is intended for use
More informationNew Zealand Equivalent to International Accounting Standard 27 Separate Financial Statements (NZ IAS 27)
New Zealand Equivalent to International Accounting Standard 27 Separate Financial Statements (NZ IAS 27) Issued June 2011 and incorporates amendments to 31 December 2015 This Standard was issued by the
More informationNew Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1)
New Zealand Equivalent to International Accounting Standard 1 Presentation of Financial Statements (NZ IAS 1) Issued November 2007 and incorporates amendments to 31 December 2016 other than consequential
More informationACCOUNTING STANDARDS BOARD INTERPRETATION OF THE STANDARDS OF GENERALLY RECOGNISED ACCOUNTING PRACTICE
ACCOUNTING STANDARDS BOARD INTERPRETATION OF THE STANDARDS OF GENERALLY RECOGNISED ACCOUNTING PRACTICE REVENUE BARTER TRANSACTIONS INVOLVING ADVERTISING SERVICES (IGRAP 15) Issued by the Accounting Standards
More informationACCOUNTING STANDARDS BOARD DIRECTIVE 5 DETERMINING THE GRAP REPORTING FRAMEWORK
ACCOUNTING STANDARDS BOARD DIRECTIVE 5 DETERMINING THE GRAP REPORTING FRAMEWORK Issued by the Accounting Standards Board March 2009 Copyright 2017 by the Accounting Standards Board All rights reserved.
More informationNew Zealand Equivalent to International Financial Reporting Standard 4 Insurance Contracts (NZ IFRS 4)
NZ IFRS 4 New Zealand Equivalent to International Financial Reporting Standard 4 Insurance Contracts (NZ IFRS 4) Issued November 2004 and incorporates amendments to 28 February 2018 This Standard was issued
More informationTERMS AND CONDITIONS OF USE
TERMS AND CONDITIONS OF USE Thank you for visiting the Society of Actuaries ( SOA ) Web site. Please be aware that visitors are subject to the following Terms and Conditions of Use (these Terms ) established
More informationIFRS Foundation: Training Material for the IFRS for SMEs. Module 23 Revenue
2009 IFRS Foundation: Training Material for the IFRS for SMEs Module 23 Revenue IFRS Foundation: Training Material for the IFRS for SMEs including the full text of Section 23 Revenue of the International
More informationIFRS 14 Regulatory Deferral Accounts
January 2014 International Financial Reporting Standard IFRS 14 Regulatory Deferral Accounts International Financial Reporting Standard 14 Regulatory Deferral Accounts IFRS 14 Regulatory Deferral Accounts
More informationRevised SME-FRF and FRS
Revised SME-FRF and FRS Date 28 November 2014 Time 18:30-20:30 Venue Tai Yau Building www.zhtraining.com Disclaimer The materials of this seminar are intended only to provide general information on the
More informationTERMS OF USE. Unless otherwise noted, all tickets, goods, and services sold on the TicketBiscuit platform adhere to a NO REFUNDS, NO EXCHANGES policy.
TERMS OF USE Hello & welcome, ticket purchasers! The following Terms of Use govern the use of this site, www.ticketbiscuit.com, www.tututix.com, www.whistletix.com, www.statechamps.com, and www.battlepass.com,
More informationAn International Financial Reporting Standard for SMEs
An International Financial Reporting Standard for SMEs Paul Pacter IASB Director of Standards for Small and Medium-sized Entities CReCER Regional Conference on Accounting & Auditing Mexico City 13 June
More informationIFRS 9 Financial Instruments
July 2014 International Financial Reporting Standard IFRS 9 Financial Instruments IFRS 9 Financial Instruments IFRS 9 Financial Instruments is published by the International Accounting Standards Board
More informationCROWDBUREAU CORPORATION TERMS OF USE. Last Update: December 10, 2017 ACCEPTANCE
CROWDBUREAU CORPORATION TERMS OF USE Last Update: December 10, 2017 ACCEPTANCE This website, www.crowdbureau.com, (the Website ), is owned and operated by CrowdBureau Corporation, a Delaware corporation.
More informationThe Morgenson Realty Co., Inc. Web Site is comprised of various Web pages operated by Morgenson Realty Co., Inc..
AGREEMENT BETWEEN USER AND Morgenson Realty Co., Inc. The Morgenson Realty Co., Inc. Web Site is comprised of various Web pages operated by Morgenson Realty Co., Inc.. The Morgenson Realty Co., Inc. Web
More informationFRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
Standard Accounting and Reporting Financial Reporting Council March 2018 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland The FRC's mission is to promote transparency
More informationAustralian Accounting Standards Board (AASB)
FACT SHEET April 2010 1049 Whole of Government and General Government Sector Financial Reporting (This fact sheet is based on the standard as at 1 January 2010.) Important note: This standard is an Australian
More informationIFRIC 23 Uncertainty over Income Tax Treatments
June 2017 IFRS Standards IFRIC Interpretation IFRIC 23 Uncertainty over Income Tax Treatments IFRIC 23 Uncertainty over Income Tax Treatments This IFRIC Interpretation, IFRIC 23 Uncertainty over Income
More informationNew Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments (NZ IFRS 8)
New Zealand Equivalent to International Financial Reporting Standard 8 Operating Segments (NZ IFRS 8) Issued December 2006 and incorporates amendments to 28 February 2014 This Standard was issued by the
More informationACCOUNTING STANDARDS BOARD DIRECTIVE 5 DETERMINING THE GRAP REPORTING FRAMEWORK
ACCOUNTING STANDARDS BOARD DIRECTIVE 5 DETERMINING THE GRAP REPORTING FRAMEWORK Issued by the Accounting Standards Board March 2009 Accounting Standards Board P O Box 74219 Lynnwood Ridge 0040 Fax: +27
More informationInternational Financial Reporting Standards (IFRSs ) A Briefing for Chief Executives, Audit Committees & Boards of Directors
2012 International Financial Reporting Standards (IFRSs ) A Briefing for Chief Executives, Audit Committees & Boards of Directors 2012 International Financial Reporting Standards (IFRSs ) A Briefing for
More informationTo: IASB. From: Herman Molenaar, Chief Financial Officer Vanderlande Industries
To: IASB From: Herman Molenaar, Chief Financial Officer Vanderlande Industries Name of Submitter: Herman Molenaar, CFO Organisation: Vanderlande Industries Holding BV Country / jurisdiction: the Netherlands
More informationXRB A1 (FP Entities + PS PBEs + NFPs Update) (with legislative compilation)
External Reporting Board Standard A1 Accounting Standards Framework (For-profit Entities plus Public Sector Public Benefit Entities plus Not-for-profit Entities Update) (XRB A1 (FP Entities + PS PBEs +
More informationSoweto Heritage Trust. Legal Terms and Conditions
Soweto Heritage Trust Legal Terms and Conditions SOWETO HERITAGE TRUST: www.mandelahouse.com The Soweto Heritage Trust (the SHT ) is pleased to provide this website, both produced and/or compiled by the
More informationPer the publisher's request, the full file is available after purchase. A Guide to IFRS
A Guide to IFRS A Guide to IFRS Copyright 2014 by DELTACPE LLC All rights reserved. No part of this course may be reproduced in any form or by any means, without permission in writing from the publisher.
More informationACCOUNTING STANDARDS BOARD INTERPRETATION OF STANDARDS OF GRAP ON
ACCOUNTING STANDARDS BOARD INTERPRETATION OF STANDARDS OF GRAP ON SERVICE CONCESSION ARRANGEMENTS WHERE A GRANTOR CONTROLS A SIGNIFICANT RESIDUAL INTEREST IN AN ASSET (IGRAP 17) Issued by the Accounting
More informationFirst-time Adoption of International Financial Reporting Standards
International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards In April 2001 the International Accounting Standards Board (IASB) adopted SIC-8 First-time
More informationIAS 8 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS
1 IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors IAS 8 ACCOUNTING POLICIES, CHANGES IN ACCOUNTING ESTIMATES AND ERRORS FACT SHEET 2 IAS 8 Accounting Policies, Changes in Accounting
More informationHKFRS for Private Entities 27 October 2010
HKFRS for Private Entities 27 October 2010 Small vs. Large Nelson Lam 林智遠 MBA MSc BBA ACA ACIS CFA CPA(Aust.) CPA(US) CTA FCCA FCPA FTIHK MSCA 2010 Nelson Consulting Limited 1 Today s Agenda Introduction
More informationMalaysian Private Entities Reporting Standard (MPERS)
LEMBAGA PIAWAIAN PERAKAUNAN MALAYSIA MALAYSIAN ACCOUNTING STANDARDS BOARD Malaysian Private Entities Reporting Standard (MPERS) Malaysian Accounting Standards Board (February 2014) i This publication contains
More information1 IAS 23 Borrowing Costs IAS 23 BORROWING COSTS FACT SHEET
1 IAS 23 Borrowing Costs IAS 23 BORROWING COSTS FACT SHEET 2 IAS 23 Borrowing Costs This fact sheet is based on existing requirements as at 31 December 2015 and it does not take into account recent standards
More informationIFRS for small and medium-sized entities ( IFRS for SMEs) 1. Basics 1.1 Development of an IFRS for SMEs. 1. Basics 1.2 Definition of SMEs. 1.
IFRS for small and medium-sized entities ( IFRS for SMEs) 1. Basics 2. Components of a complete set of financial statements 3. Pecularities in the accounting policy for SMEs 4. Transition to IFRS for SMEs
More informationNew Zealand Equivalent to International Financial Reporting Standard 2 Share-based Payment (NZ IFRS 2)
New Zealand Equivalent to International Financial Reporting Standard 2 Share-based Payment () Issued November 2004 and incorporates amendments to 31 December 2016 This Standard was issued by the New Zealand
More informationRESTRICTIONS ON USE OF INFORMATION AND CONTENT
Bicksdrive.com Terms of Use Agreement Bicksdrive.com (the Website ) is owned and operated by Bick s Driving School of Eastern Cincinnati ( Bick s, we, or us ). Bick s values your interest in its goods
More informationTERMS AND CONDITIONS:
TERMS AND CONDITIONS: About Us The client should take note that ideal Online Services trading as ideal Travel acts as an agent in arranging and negotiating a rental vehicle on behalf of the client with
More informationIFRS for SMEs IFRS Foundation-World Bank
International Financial Reporting Standards 1 IFRS for SMEs IFRS Foundation-World Bank 9 13 January 2012 Almaty, Kazakhstan Copyright 2010 IFRS Foundation. All rights reserved. The IFRS for SMEs 2 Topic
More information1 IAS 29 Financial Reporting in Hyperinflationary Economies IAS 29 FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES FACT SHEET
1 IAS 29 Financial Reporting in Hyperinflationary Economies IAS 29 FINANCIAL REPORTING IN HYPERINFLATIONARY ECONOMIES FACT SHEET 2 IAS 29 Financial Reporting in Hyperinflationary Economies This fact sheet
More informationNew Zealand Equivalent to SIC Interpretation 31 Revenue Barter Transactions Involving Advertising Services (NZ SIC-31)
New Zealand Equivalent to SIC Interpretation 31 Revenue Barter Transactions Involving Advertising Services (NZ SIC-31) Issued November 2004 and incorporates amendments to 30 November 2012 This Interpretation
More informationPwC Alert. Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities
Issue 124 November 2015 PP 9741/10/2012 (031262) PwC Alert Malaysian Private Entities Reporting Standards (MPERS) A new reporting framework for Private Entities Page 3 MPERS at a glance Page 5 Comparing
More informationIASC Foundation: Training Material for the IFRS for SMEs. Module 8 Notes to the Financial Statements
2009 IASC Foundation: Training Material for the IFRS for SMEs Module 8 Notes to the Financial Statements IASC Foundation: Training Material for the IFRS for SMEs including the full text of Section 8 Notes
More informationNew Zealand Equivalent to International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations (NZ IFRS 5)
New Zealand Equivalent to International Financial Reporting Standard 5 Non-current Assets Held for Sale and Discontinued Operations (NZ IFRS 5) Issued November 2004 and incorporates amendments to 31 December
More informationFirst-time Adoption of International Financial Reporting Standards
International Financial Reporting Standard 1 First-time Adoption of International Financial Reporting Standards This version was issued in November 2008. Its effective date is 1 July 2009. It includes
More information5 5BC G877?H> JKLMNOPQO S TUOVWO S XVNYO
.!# /01/.!# /2& 3'**$!"#$ &'( )#$$'*&*!' +,$- * 5851 5 789:;;?@?A 5BC DE 012345678 45678 44 1851 8 8 458 5 56214 JKLMNOPQO S TUOVWO S XVNYO SFRS FOR SMALL ENTITIES DISCLOSURE AND
More information2015 Amendments to the IFRS for SMEs
May 2015 International Financial Reporting Standard (IFRS ) for Small and Medium-sized Entities (SMEs) 2015 Amendments to the IFRS for SMEs 2015 Amendments to the International Financial Reporting Standard
More informationWEBSITE TERMS OF USE
WEBSITE TERMS OF USE ACCEPTANCE OF TERMS: The TERMS OF USE that follow govern your use of this website. The websites are managed by the SEIU Benefit Funds, which includes the SEIU National Industry Pension
More informationMPT Terms and Conditions Lucky Draw for CRBT Subscription FOC Campaign
MPT Terms and Conditions Lucky Draw for CRBT Subscription FOC Campaign This page explains the terms by which you agree to abide by when participating in the Lucky Draw for CRBT Subscription FOC Campaign
More informationExternal Reporting Board Standard A1 Application of the Accounting Standards Framework
External Reporting Board Standard A1 Application of the Accounting Standards Framework This Standard was issued on 10 December 2015 by the External Reporting Board pursuant to section 12(a) of the Financial
More informationFINANCIAL STATEMENT REVIEW TOOLKIT NOVEMBER 2018
FINANCIAL STATEMENT REVIEW TOOLKIT NOVEMBER 2018 Issued NOVEMBER 2018 VERSION 1 1 COPYRIGHT 2018 THE SOUTH AFRICAN INSTITUTE OF CHARTERED ACCOUNTANTS Copyright in all publications originated by The South
More informationAirline Disclosure Guide Hedge accounting under IFRS 9
Airline Disclosure Guide Hedge accounting under IFRS 9 In association with 0 Purpose of Airline Disclosure Guides These Airline Disclosure Guides (ADGs) have been compiled by the IATA Industry Accounting
More information