Dear readers,

The IASB has just issued a IFRS for small and medium-sized entities (“SMEs”) in July 2009. SMEs are entities that do not have public accountability and publish general purpose financial statements for external users.

A subsidiary whose parent uses full IFRSs, or is part of a consolidated group that uses full IFRSs, is not prohibited from using IFRS for SMEs in its own financial statements if that subsidiary by itself does not have public accountability. If its financial statements are described as conforming to the IFRS for SMEs, it must comply with all of the provisions of this FRS.

The IFRS for SMEs is drafted in plain English and is a stand-alone document incorporating all accounting issues. It is 230 pages long compared to over 3,000 pages for all full FRSs combined. Preparers of financial statements using the IFRS for SMEs will enjoy the following benefits:

– much simpler disclosure requirements
– elimination of most of the complex options in Full FRS
– omission of topics that typical SMEs are not likely to encounter

Benefits of adopting this standard include a significant reduction in preparation time and costs with the associated reduction in audit testing and costs.

CCH Executive Events presents this one-day seminar
that covers the measurement and presentation requirements of this new standard. It will also compare the differences between IFRS for SMEs and the full FRS requirements.

PROGRAMME OUTLINE

FRS 1 Small and Medium-Sized Entities
FRS 2 Concepts and Pervasive Principles
FRS 3 Financial Statement Presentation
FRS 4 Statement of Financial Position
FRS 5 Statement of Comprehensive Income and Income Statement
FRS 6 Statement of Changes in Equity and Statement of Income and Retained Earnings
FRS 7 Statement of Cash Flows
FRS 8 Notes to the Financial Statements
FRS 9 Consolidated and Separate Financial Statements
FRS 10 Accounting Policies, Estimates and Errors
FRS 11 Basic Financial Instruments
FRS 12 Other Financial Instruments Issues
FRS 13 Inventories
FRS 14 Investments in Associates
FRS 15 Investments in Joint Ventures
FRS 16 Investment Property
FRS 17 Property, Plant and Equipment
FRS 18 Intangible Assets Other Than Goodwill
FRS 19 Business Combinations and Goodwill
FRS 20 Leases
FRS 21 Provisions and Contingencies
FRS 22 Liabilities and Equity
FRS 23 Revenue
FRS 24 Government Grants
FRS 25 Borrowing Costs
FRS 26 Share-based Payment
FRS 27 Impairment of Assets
FRS 28 Employee Benefits
FRS 29 Income Tax
FRS 30 Foreign Currency Translation
FRS 31 Hyperinflation
FRS 32 Events After the End of the Reporting Period
FRS 33 Related Party Disclosures
FRS 34 Specialised Activities
FRS 35 Transition to the IFRS for SMEs

*Earns 7 CPE points

SPEAKER

Mr Sardool Singh – Chief Financial Officer of a privately held investment holding company

Seminar details

Date: 23/10/2009
Time: 0900hrs – 1700hrs
Venue: Hotel to be advised, Singapore

Registration Fee/details —
pls contact CCH’s Amy Wong at 92722823 or email awong@cch.com.sg