ifrs for smes
DESCRIPTION
A presentation that I gave in Akron, Ohio on 2/24 at an IFRS Symposium sponsored by BCG and Company and the University of AkronTRANSCRIPT
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IFRS for SME
Small & Medium Enterprises
February 24, 2011
Presented by:
Peter A. Margaritis, CPA, MAcc
IFRS for Private Companies
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July 9, 2009
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Why Would an SME Want to Adopt?
Can SMEs Simply Choose to Adopt?
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IFRS for SMEs
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Definition of SME
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Public Accountability
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Improving Financial Reporting
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IFRS for SMEs
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Key Features of IFRS for SMEs
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Simplification 12
Omitted Topics
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IFRS - Disallowed under SMEs
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Simplification: Recognition & Measurement
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Recognition & Measurement simplifications
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Disclosure Simplifications
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35 Sections to IFRS for SMEs
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35 Sections to IFRS for SMEs
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35 Sections to IFRS for SMEs
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Section 1 – Qualitative Characteristics 21
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Section 1 – Qualitative Characteristics 22
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Section 3 – F/Statement presentation 23
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Section 3 – Complete Set of IFRS Financial Statements
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Income Statement and OCI
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Income Statement and RE
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Section 9 Consolidation27
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Section 10 Accounting policies
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Sections 13 Inventory
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Section 17 - PPE30
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Section 18 - Intangibles Other Than Goodwill
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Section 20 Leases32
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Section 23 Revenue33
Recognition of Sale of Goods
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Section 33 - Related Party Disclosures
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Section 35 First-Time adoption (FTA)
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IFRS for Private Companies
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The Pervasive Impacts of IFRS
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Ultimate Objective
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IFRS for SME’s Resources
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Contact / Consultation
Peter A. Margaritis, CPA, MAccIFRS Education and Training, LLC
Cell: (614) 668-2936Office: (614) 793-0973
Email: [email protected]
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