This session is all about fixed/longer term assets. We’ll capitalise on our time together by establishing a strong theoretical foundation based on simplifying definitions, recognition and measurement principles for Property Plant and Equipment as well as Investment Property.
We’ll proceed to build thereon by practicing calculations and analysing the accounting entries in various scenarios, including component accounting, spare/replacement parts, revaluation surpluses or fair value adjustments, changes in measurement model and revised depreciation amounts, inter alia.
We seek to empower you as an accountant in finance as well as auditor/reviewer in public services, by:
• Identifying when a business is required / permitted to apply the requirements of a section
• Establishing what the requirements are / guidance is per section, relative to:
o Definitions
o Recognition
o Initial and subsequent measurement
• Discussing any accounting policy elections available
• Identifying the disclosure requirements and where possible, providing illustrative examples
This series is aimed at accountants in business applying IFRS for SMEs in preparing their financial statements; as well as, auditors of clients adopting IFRS for SMEs as their accounting framework, so as to equip accountants and auditors to better identify and assess the application of the framework. This session will assist the following professionals:
• Financial accountants and managers
• Auditors
• Audit managers and partners
• Bookkeepers
• First, Second and Third year SAICA Trainees
• Engagement Quality Control Reviewers.
