By Bruce Mackenzie, Allan Lombard, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko

An beneficial relief to businesses and auditors excited by first-time adoption of the hot SMEs standard

Applying the IFRS for SMEs offers professional insights and factors of the overseas monetary Reporting criteria (IFRS) for small and medium organizations (SMEs) issued via the foreign Accounting criteria Board (IASB). this significant ebook contains entire assurance of this lately issued typical aimed toward small and medium-sized businesses.

  • Provides crucial assurance for software of IFRS-now a need within the accounting world
  • Includes Foreword by means of Paul Pacter, Director of criteria for SMEs, IASB
  • Offers observation at the idea within the commonplace, illustrative disclosures, complete illustrative monetary statements and comparisons to complete IFRS
  • Includes appropriate genuine existence labored out examples geared toward SMEs, plus summaries of vital points

The first ebook on easy methods to follow the hot SMEs usual, Applying the IFRS for SMEs is a must have e-book on your small or medium-sized business.

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Extra info for Applying IFRS for SMEs

Sample text

Pervasive principles include basic guidance for initial and subsequent measurements of assets, liabilities, income and expenses. Measurement at initial recognition is generally at historical cost, except where the Standard requires fair value. P1: OTA/XYZ P2: ABC c02 JWBT409-Mackenzie October 19, 2010 13:6 Printer Name: Yet to Come P1: OTA/XYZ P2: ABC c03 JWBT409-Mackenzie 3 October 19, 2010 13:7 Printer Name: Yet to Come FINANCIAL STATEMENT PRESENTATION Presentation Overview 21 Overall Considerations 22 Omissions or Misstatements Could also Influenc Fair Presentation.

Will be settled within 12 months after the reporting date. Does not have an unconditional right to defer settlement of the liability for at least 12 months after the reporting date. All other assets and liabilities that do not meet any of these criteria are classifie as non-current. When the entity’s normal operating cycle is not clearly identifiable there is a rebuttable assumption that its duration is 12 months, and thus the firs criteria set out under both assets and liabilities is disregarded.

DIFFERENCES BETWEEN IFRS FOR SMEs AND FULL IFRS AND ITS FRAMEWORK IFRS for SMEs Full IFRS Although the objective of financia statements are stated similarly, the focus is more on providing information regarding the financia position, performance, cash fl ws, and stewardship. No underlying assumptions are provided, although the accrual basis is discussed separately and going concern is included under the overall presentation considerations in Chapter 2. Ten qualitative characteristics are identifie without ranking.

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