Goal of this series: To present all the requirements from the standard per topic/section, simplify the requirements and help delegates visualise its application using examples by showing debits and credits, calculations and extracts of possible disclosure.

Session 1 introduces the IFRS for SMEs accounting framework, identifying what the minimum content requirements are for each statement that forms part of an IFRS for SMEs based set of financial statements, including the balance sheet, income statement, etc.

This understanding will help you better discern what makes up a set of financial statements, to establish if something is missing or not presented appropriately, as well as looking at what accounting policy elections are available for the presentation of information in each statement.

We seek to empower you as an accountant in finance as well as auditor/reviewer in public services, by:

1. Identifying when a business is permitted to adopt / use IFRS for SMEs
2. Establishing what statements make up a standard set of SMEs financial
3. statements
4. Identifying what the minimum contents are of each statement
5. Discussing any accounting policy elections when choosing how to  present financial information in each statement.
6. Section 1: Small and Medium-Sized Entities
7. Section 2: Concepts and Pervasive Principles
8. Section 3: Financial Statement Presentation
9. Section 4: Statement of Financial Position
10. Section 5: Statement of Comprehensive Income and Income Statement
11. Section 6: Statement of Changes in Equity and Statement of Income and Retained Earnings
12. Section 7: Statement of Cash Flows
13. Section 8: Notes to the Financial Statements.