Webinar Training Course

IFRS for SMEs 5 – Intangible Assets and Impairment of Assets

Price: Firm/Group/Company - R2558.75 (VAT Incl.)
Individuals - R759.00 (VAT Incl.)
Price (MLU Subscriber): Firm/Group/Company - R1920.50 (VAT Incl.)
Individuals - R575.00 (VAT Incl.)
Presenter: Mr Tristan White
Date: 4 Jun '24
Times: 09:00 -12:00
Duration: 3
CPD Hours: Attending the course and successfully completing the post-assessment, will grant you 3 hour/s verifiable CPD, recognised by the various professional bodies (SAICA, SAIBA, ACCA, IACSA, IRBA & etc). Please note that the CPD certificate will only be issued once the post-assessment has been completed.
Platform: Web Based (Online)
Contact Person: Tristan
T:  011 886 1395
E:  gillian@probetatraining.co.za
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Intangible assets are merely pieces of paper that represent something far more valuable to an entity. A business would therefore want to bring that value into its accounting records as capitalised assets. Understanding whether you indeed have an intangible asset or not, requires guidance, and for this reason, we turn to Section 18. Section 27 Impairments, on the other hand, places a responsibility on all businesses to consider the need for writing down asset values. Whether there is a slow down in a business’ operations, changes in the level of activity in a market relative to an asset or an asset is no longer able to perform optimally, it brings into question the potential need for calculating a recoverable amount which represents a more realistic value attributable to an asset. This recoverable amount may thus indicate that an asset’s value, as represented in a business’ accounting records, could be overstated.

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

• Section 18: Intangible Assets o Definitions o Recognition and measurement:  Separate acquisition  Goodwill  Internally generated intangible assets  Expensing of intangible assets o Subsequent Measurement – Cost VS Revaluation Model, Amortisation • Section 27: Impairment of Assets o When it is necessary to impair and when you won’t need to, o How to calculate a recoverable amount for impairment purposes, o What the knock-on effect will be for depreciation purposes and o How impairment affects revalued assets.

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.