By Bruce Mackenzie, Allan Lombard, Danie Coetsee, Tapiwa Njikizana, Raymond Chamboko
An worthy reduction to businesses and auditors serious about first-time adoption of the hot SMEs standard
Applying the IFRS for SMEs presents specialist insights and causes of the foreign monetary Reporting criteria (IFRS) for small and medium businesses (SMEs) issued through the overseas Accounting criteria Board (IASB). this crucial e-book comprises accomplished assurance of this lately issued general aimed toward small and medium-sized businesses.
- Provides crucial insurance for software of IFRS-now a need within the accounting world
- Includes Foreword through Paul Pacter, Director of criteria for SMEs, IASB
- Offers observation at the concept within the usual, illustrative disclosures, entire illustrative monetary statements and comparisons to complete IFRS
- Includes appropriate actual existence labored out examples aimed toward SMEs, plus summaries of significant points
The first e-book on find out how to follow the recent SMEs commonplace, Applying the IFRS for SMEs is a must have ebook to your small or medium-sized business.
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Extra resources for Applying IFRS for SMEs
An asset is classifie as current when it: r r r r Will be realized in the normal operating cycle of the entity Is held primarily for the purpose of trading Will be realized within 12 months after the reporting date Is cash or a cash equivalent whose realization is not restricted for a period longer than 12 months after the reporting date A liability is classifie as current when it: r r r r Will be settled in the normal operating cycle of the entity. Is held primarily for the purpose of trading.
A change from the one approach to the other is regarded as a change in accounting policy (refer to Chapter 7). P1: OTA/XYZ P2: ABC c03 JWBT409-Mackenzie October 19, 2010 13:7 Printer Name: Yet to Come Financial Statement Presentation 32 Other comprehensive income is items of income and expense that are not permitted or required to be recognized through profi or loss. The Standard allows for the recognition of items in other comprehensive income only in the following instances: r Changes in fair values of certain hedging instruments r Actuarial gains and losses r Where another section of IFRS for SMEs requires a gain or loss on a non- monetary item to be recognized in other comprehensive income, the related exchange difference must also be recognized in other comprehensive income r Foreign currency translation differences on the translation of a foreign operation to the presentation currency r If an entity chooses to select IAS 39–Financial Instruments: Recognition and Measurement as their accounting policy for financia instruments, movements in the fair values of available for sale and cash fl w hedges will be recognized in other comprehensive income The following line items are presented in the statement of comprehensive income irrespective of whether a single-statement or two-statement approach is followed: r In profi or loss: Revenue Finance costs Share of the profi or loss of investments in associates and jointly controlled entities accounted for using the equity method ◦ Tax expense excluding tax allocated to discontinued operations and items disclosed in other comprehensive income ◦ A single amount for discontinued operations totaling the post-tax profi or loss of the discontinued operations, and the post-tax gain or loss on the measurement to fair value less costs to sell or on the disposal of the net assets of the discontinued operations ◦ The profi or loss amount determined r In other comprehensive income: ◦ Each item of other comprehensive income classifie by nature ◦ Share of the other comprehensive income of associates and jointly controlled entities accounted for by the equity method ◦ Total comprehensive income r Profi or loss and total comprehensive income are further allocated between: ◦ Non-controlling interest ◦ Owners of the parent ◦ ◦ ◦ If no items of other comprehensive income exist for the period, the single statement of comprehensive income may end with profi or loss.
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. 3 Normal Operating Cycle Timbuktu is a construction company that builds high-rise buildings. As its business involves the construction and sale of buildings that on average take 24 months to complete, its normal operating cycle is regarded as 24 months. All Timbuktu’s assets and liabilities that are expected to be realized or settled within the normal cycle of 24 months will be classifie as current.