Our aim is to assist trainees, audit practitioners and also accountants in business to establish a practical understanding of the Standards, referred to as “Sections” in the IFRS for SMEs framework. Session 6 takes a look at the sections relating to Income Tax, Foreign Currency Translation, Hyperinflation, Related Party Disclosure, Specialised Activity and Transition to IFRS for SMEs

We seek to empower you as a professional accountant in accounting and audit by: • Establishing a practical understanding of the standards / sections • Helping you understand why transactions are accounted for the way they have been • Simplifying the financial statement reporting process by breaking down the presentation and disclosure requirements

Session 6: o Income Tax o Foreign Currency Translation o Hyperinflation o Related Party Disclosure o Specialised Activity o Transition to IFRS for SMEs We will simplify pertinent elements of the theory. We will look at rudimentary journal entries. We will aim to draw comparisons between IFRS for SMEs and full-IFRS especially in areas of disclosure and annotations to financial statements.

• Accountants in business whose firms have adopted IFRS for SMEs as the accounting framework. • Auditors in a South African context, so as to successfully enable them to identify and assess the application of the framework.