By Bruce Mackenzie, Allan Lombard, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko
An priceless reduction to businesses and auditors concerned about first-time adoption of the hot SMEs standard
Applying the IFRS for SMEs offers professional insights and motives of the overseas monetary Reporting criteria (IFRS) for small and medium corporations (SMEs) issued via the overseas Accounting criteria Board (IASB). this crucial ebook contains entire assurance of this lately issued regular aimed toward small and medium-sized businesses.
- Provides crucial insurance for software of IFRS-now a need within the accounting world
- Includes Foreword via Paul Pacter, Director of criteria for SMEs, IASB
- Offers statement at the concept within the average, illustrative disclosures, finished illustrative monetary statements and comparisons to complete IFRS
- Includes appropriate actual lifestyles labored out examples geared toward SMEs, plus summaries of significant points
The first e-book on the way to practice the hot SMEs usual, Applying the IFRS for SMEs is a must have ebook in your small or medium-sized business.
Read Online or Download Applying IFRS for SMEs PDF
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Additional info for Applying IFRS for SMEs
These activities are presented as operating, investing, and financin activities. The movement in cash and cash equivalents from the beginning to the end of the period is reconciled by reflectin the cash impact of these activities. DEFINITIONS AND CLARIFICATIONS OF DEFINITIONS Cash Equivalents Cash equivalents are define as short-term, highly liquid investments that are readily convertible to known amounts of cash, and that are subject to an insignifican risk of changes in value. Cash investments are included in cash and cash equivalents when they are both: r Held for short-term cash commitments and not for investment or other pur- poses.
These considerations are in addition to the qualitative characteristics provided in the chapter on Concepts and Pervasive Principles (refer to Chapter 2). Fair Presentation The objective of financia statements, as stated in Chapter 2, is to present fairly the financia position, financia performance, and cash fl ws of an entity. Fair presentation is define as the faithful representation of the effects of transactions, other events, and conditions in accordance with the definition and recognition criteria for assets, liabilities, income and expenses in line with Concepts and Pervasive Principles.
Meeting the requirement of an obligation is also included as a recognition criterion of a liability. The subsequent measurement of financia assets and liabilities has been changed to include basic and other financia instruments. SUMMARY r The objective of a set of accounts prepared under the Standard is to provide inr r r r formation on the financia position, performance, and cash fl ws of the entity. Another objective is also stewardship. The following qualitative characteristics need to be met: understandability, relevance, materiality, reliability, substance over form, prudence, completeness, comparability, timeliness, and a balance between benefi and cost.