Provisions and Events After Year End Accounting - IFRS for SMEs - Sections 21 and 32

Price:
R517.50 (VAT Incl.)
Level:
Accounting Professionals
Sub-level:
IFRS for SMEs
Lecturer:
Tristan David-Crewe White
Duration:
150 Minutes
Additionals:
   CPD Assessment
   Certificate

Lesson Outline

With the uncertainty around COVID-19, many businesses are facing financial peril with liabilities that cannot be met and unfulfilled contracts that could lead to financial losses.

Section 21 Provisions and Contingencies will help us account for potential liabilities and consider the impact of onerous contracts.

Section 32 Events After the Reporting Period becomes relevant when dealing with situations that have arisen after year end, that could have a retrospective effect on current year financial statements.

Section 21: Provisions

  1. Definitions for Provisions, Contingent Liabilities, Onerous Contracts
  2. Recognition
  3. Measurement
  4. Disclosure requirements Section 32: Events After Reporting Period
  5. Definitions for Adjusting VS Non-adjusting events
  6. When to recognition VS disclose VS ignore