Applying IFRS for SMEs

Front Cover
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.


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List of Abbreviations
Scope of the IFRS for SMEs 1
Concepts and Pervasive Principles 7
Statement of Cash Flows 41
Consolidated and Separate Financial Statements 51
Business Combinations and Goodwill 69
ShareBased Payment 319
Employee Benefits 337
Income Tax 359
Revenue 379
Government Grants 401
Borrowing Costs 407
Foreign Currency Translation 409
Hyperinflation 423

Accounting Policies Estimates and Errors 85
Inventories 95
Investments in Associates 107
Investments in Joint Ventures 121
Investment Property 127
Contents Chapter 15 Provisions and Contingencies 205
Financial Instruments 243
Leases 293
Events after the End of the Reporting Period 431
Related Party Disclosures 437
Specialized Activities 445
Property Plant and Equipment 141
Transition to the IFRS for SMEs 459
Index 467
Impairment of Assets 187

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Common terms and phrases

About the author (2010)

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

Allan Lombard, CA (SA) RA, is an independent IFRSŪ 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 IFRSŪ 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 IFRSŪ 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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