By Bruce Mackenzie, Allan Lombard, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko
An precious relief to businesses and auditors enthusiastic about first-time adoption of the recent SMEs standard
Applying the IFRS for SMEs presents specialist insights and reasons of the overseas monetary Reporting criteria (IFRS) for small and medium firms (SMEs) issued through the overseas Accounting criteria Board (IASB). this significant e-book contains entire insurance of this lately issued normal geared toward small and medium-sized businesses.
- Provides crucial insurance for program of IFRS-now a need within the accounting world
- Includes Foreword via Paul Pacter, Director of criteria for SMEs, IASB
- Offers observation at the thought within the normal, illustrative disclosures, entire illustrative monetary statements and comparisons to complete IFRS
- Includes proper actual lifestyles labored out examples geared toward SMEs, plus summaries of significant points
The first e-book on find out how to practice the hot SMEs typical, Applying the IFRS for SMEs is a must have e-book on your small or medium-sized business.
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Additional info for Applying IFRS for SMEs
Information about Judgments Any judgments management has made in the process of applying the accounting policies (that have a significan effect on the amounts recognized in the financia statements) must be disclosed in the accounting policies, or elsewhere in the notes. 8 Disclosure in Accounting Policies–Estimates and Assumptions Estimates and assumptions about future positions are used in the preparation of financia information. The estimates are based on the use of available information and the application of judgments.
Frequency of Reporting A complete set of financia statements (including comparative information) is presented at least annually. When annual financia statements are presented for a longer or shorter period, the entity is required to disclose the following: r The fact that the financia information has been prepared for a longer or shorter period. r The reason for changing the length of the accounting period. r The fact that comparative amounts presented are not entirely comparable. Consistency of Presentation The presentation and classificatio of items should remain the same from one period to the next.
7 Statement of Retained Income and Retained Earnings (SIRE) In the statement of retained income and retained earnings, the following is provided at the bottom of the income statement after profi or loss for the period: Profi for the year Retained earnings at start of year Dividends Retained earnings at end of year 20X2 20X1 1,200,000 400,000 (1,500,000) 100,000 900,000 200,000 (700,000) 400,000 STATEMENT OF CASH FLOWS The statement of cash fl ws (SCF) provides information about the changes in cash and cash equivalents for a reporting period by showing separately changes from operating activities, investing activities, and financin activities.