The new IFRS for small and medium–sized entities

View seminar announcement in English ( 110 KB) and Greek ( 125 KB) 

Highlighting the differences with existing IFRSs

Aim of the course

The course will assist participants to understand:

• The main provisions of the new standard for small and medium- sized entities, which will apply to the majority of the companies in Cyprus. More specifically:
• The accounting framework of the IFRS for SMEs
• The presentation of financial statements
• The treatment of assets, liabilities, business combinations, equity, income and expenditure.

Course outline

Accounting framework of the IFRS for SMEs Scope

• Historical cost
• Government grants
• Borrowing costs
• Share-based payments

Financial Statements

• Statement of Financial Position, Statement of Comprehensive Income, Statement of Changes in Equity, Statement of Cash Flows
• Accounting policies, estimates and errors
• Notes to the Financial Statements
• Related parties
• Events after the end of the reporting period

Assets and Liabilities

• Non financial assets
• Financial Instruments
• Impairments
• Provisions and contingencies
• Employee benefits
• Income taxes
• Leases
  

Business combinations

• Business combinations
• Consolidated and separated financial statements
• Investments in associates
• Investments in joint ventures
  

Liabilities and equity

• Issue of equity shares
• Compound financial instruments
• Treasury shares
• Non-controlling interest
  

Income and expenses

• Revenue
• Government grants
• Borrowing costs
• Share-based payments
  

Currencies

• Financial currency
• Presentation currency
• Hyperinflation
  

Specialised activities

• Agriculture
• Extractive industries
• Service concession  arrangements
  

Who should attend the course