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Applying IFRS for SMEs / Edition 1

Applying IFRS for SMEs / Edition 1

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An invaluable aid to companies and auditors involved in first-time adoption of the new SMEs standard

Applying the IFRS for SMEs provides expert insights and explanations of the International Financial Reporting Standards (IFRS) for small and medium enterprises (SMEs) issued by the International Accounting Standards Board (IASB). This important book includes comprehensive coverage of this recently issued standard aimed at small and medium-sized businesses.

  • Provides essential coverage for application of IFRS-now a necessity in the accounting world
  • Includes Foreword by Paul Pacter, Director of Standards for SMEs, IASB
  • Offers commentary on the theory in the standard, illustrative disclosures, comprehensive illustrative financial statements and comparisons to full IFRS
  • Includes relevant real life worked out examples aimed at SMEs, plus summaries of important points

The first book on how to apply the new SMEs standard, Applying the IFRS for SMEs is a must-have book for your small or medium-sized business.

Product Details

ISBN-13: 9780470603376
Publisher: Wiley
Publication date: 12/07/2010
Pages: 384
Product dimensions: 7.45(w) x 9.24(h) x 0.87(d)

About the Author

Bruce Mackenzie, CA (SA) FCCA RA, JSE Registered IFRS® Advisor, is a member of the IASB SME Implementation Group (SMEIG) and a director of (, a global IFRS® consulting and training company. He has held positions at Deloitte both in South Africa and the United Kingdom in the IFRS® Centers of Excellence.

Allan Lombard, CA (SA) RA, is an independent IFRS® consultant and has worked previously for KPMG as audit manager.

Danie Coetsee, CA (SA), is Professor of Accounting at the University of Johannesburg, specializing in financial accounting.

Tapiwa Njikizana, CA (SA), RA, JSE Registered IFRS® Advisor, is a director at After qualifying with Coopers & Lybrand, he spent time internationally with Ernst & Young and Anderson.

Raymond Chamboko, CA (SA), JSE Registered IFRS® Advisor, is a director at He was previously with Ernst & Young and SizweNtsalubaVSP where he handled accounting technical issues.

Edwin Selbst (SA) RA, is the technical partner for Horwath South Africa, a member of Crowe Horwath International

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Table of Contents

Foreword vii

Preface xi

List of Abbreviations xiii

Chapter 1 Scope of the IFRS for SMEs 1

Chapter 2 Concepts and Pervasive Principles 7

Chapter 3 Financial Statement Presentation 21

Chapter 4 Statement of Cash Flows 41

Chapter 5 Consolidated and Separate Financial Statements 51

Chapter 6 Business Combinations and Goodwill 69

Chapter 7 Accounting Policies, Estimates, and Errors 85

Chapter 8 Inventories 95

Chapter 9 Investments in Associates 107

Chapter 10 Investments in Joint Ventures 121

Chapter 11 Investment Property 127

Chapter 12 Property, Plant, and Equipment 141

Chapter 13 Intangible Assets Other than Goodwill 167

Chapter 14 Impairment of Assets 187

Chapter 15 Provisions and Contingencies 205

Chapter 16 Liabilities and Equity 223

Chanter 17 Financial Instruments 243

Chapter 18 Leases 293

Chapter 19 Share-Based Payment 319

Chapter 20 Employee Benefits 337

Chapter 21 Income Tax 359

Chapter 22 Revenue 379

Chapter 23 Government Grants 401

Chapter 24 Borrowing Costs 407

Chapter 25 Foreign Currency Translation 409

Chapter 26 Hyperinflation 423

Chapter 27 Events after the End of the Reporting Period 431

Chapter 28 Related Party Disclosures 437

Chapter 29 Specialized Activities 445

Chapter 30 Transition to the IFRS for SMEs 459

Index 467

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