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Code Date Venue Fees  
FI31 01 Jun - 05 Jun Vienna $5695 Register

Course Overview

Qualifying the need for IFRS in Small and Medium enterprises, the course increases one’s understanding of IFRS for Small and Medium Enterprises. The training program outline is up to date and pertinent to marketplace requirements, thus catering well to all analytical prediction of training needs in the specified area. A customised proposal can also be arranged, to suit the training requirement of your team.

Course Objectives:

By the end of the program, participants will be able to:

  • Define Small and Medium-sized Entities (SMEs) according to the International Accounting Standards Board (IASB)
  • Determine the proper accounting standards, methods and approaches applicable to SMEs
  • Prepare financial statements according to International Financial Reporting Standards (IFRS) for SMEs
  • Apply proper accounting standards to account for transactions related to assets, liabilities, equities, revenues and expenses
  • Highlight similarities and differences between applying Full IFRS and the IFRS for SMEs

Course Outline:

  • The Need for IFRS for SMEs
  • Introduction to IFRS
  • Defining Small and Medium-Sized Entities per IASB
  • No Public Accountability
  • Historical Background of Developing Standards for Small Companies
  • A Complete Set of Requirements
  • Simplifying the Full IFRS:
  • Omitted Topics Deemed not Relevant to SMEs
  • Disallowing Accounting Policy Options
  • Simplifying Recognition and Measurement Principles
  • Implications of the IFRS for SMEs
  • US GAAP for SMEs – Recent Developments
  • Financial Statements Presentation
  • Purpose of Financial Statements
  • Accrual Basis of Accounting
  • Complete Set of Financial Statements
  • The Statement of Financial Position
  • Classification and Offsetting Issues
  • Current Assets
  • Noncurrent Assets
  • Current Liabilities
  • Noncurrent Liabilities
  • Owners€™ Equity Accounts
  • Allowed Formats
  • Required Disclosures
  • The Statement of Comprehensive Income
  • Components of Income
  • Definition of Comprehensive Income
  • Components of Other Comprehensive Income (OCI)
  • Allowed Formats
  • Required Disclosures
  • The Statement of Changes in Owners€™ Equity
  • Contributions from and Distributions to Owners
  • Presentation Issues
  • Share Capital
  • Retained Earnings and Reserves
  • The Statement of Cash Flows
  • Benefits and Uses of Statement of Cash Flows
  • Cash and Cash Equivalents
  • Reporting Cash Flows from Operating Activities
  • Direct versus Indirect Method
  • Reporting Cash Flows from Investing Activities
  • Reporting Cash Flows from Financing Activities
  • Reporting Noncash Transactions
  • Required Disclosures
  • Accounting for Assets
  • Accounts Receivable
  • Inventory and Cost of Goods Sold
  • Fixed Assets
  • Intangible Assets
  • Investments and Financial Instruments
  • Accounting for Liabilities and Equity
  • Accounts Payable and Accruals
  • Loans and Bonds
  • Capital and Dividends Transactions

Who should attend?

Professionals in the fields of finance and accounting, especially in small and medium-sized, non-public entities as well as larger organizations who wish to increase their knowledge of simplified version of IFRS.

General Notes

  • All our courses can be facilitated as Customized In-House Training course.
  • Course duration is flexible and the contents can be modified to fit any number of days.
  • As for Open Enrolment Courses, we offer our clients the flexibility to choose the location, date, and time and our team of experts who are spread around the globe will assist in facilitating the course.
  • The course fee includes facilitation, training materials, 2 coffee breaks, buffet lunch and a Certificate of successful completion of Training.
  • FREE Consultation and Coaching provided during and after the course.
Customized Schedule is available for all courses irrespective of dates on the Calendar. Please get in touch with us for details.
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