This seminar is being superseded by The Essential Guide to IFRS for SMEs

The International Accounting Standards Board has issued IFRS for Small and Medium-Sized Entities (SMEs). The UK’s Accounting Standards Board (ASB) proposes that all organisations that currently use UK GAAP and consistently exceed any two of three values should implement this new Standard.

The values are: 50 employees; £6.5 million annual sales turnover; £3.26 million gross assets.

If your organisation has to implement the new Standard then now is the time to understand the impact that the proposed changes will have on your financial reporting.  To meet the proposed timescale you will need to consider system changes so that the 2011 figures can be restated for the purposes of comparatives in the 2012 accounts.

This half-day course helps you understand the impact that the proposed changes will have on your organisation’s Balance Sheet, Profit and Loss Statement, and Cash Flow Statement as well as the notes to a set of accounts.

The course answers the following questions:

• To whom will the IFRS for SMEs apply?
• Can I choose to adopt IFRS for SMEs if my organisation is a small company?
• If I adopt IFRS for SMEs, will my balance sheet and profit and loss account look different from the ones I currently prepare?
• Do I always have to prepare a cash flow statement under IFRS for SMEs?
• How does IFRS for SMEs differ from full IFRS?
• Which accounting policies under IFRS for SMEs differ from UK GAAP?
• Are the notes to my accounts likely to change?

The course is backed up by practical examples illustrating the differences between IFRS for SMEs and UK GAAP.