Product Description
Understanding IFRS for SMEs (ePub)
Authors: J Jansen, M Karodia, R Small
Format: Digital
Understanding IFRS for SMEs introduces the fundamental accounting principles required to understand and apply the International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs). This book uses an easy-to-understand conceptual approach to explain the requirements for preparing financial statements in accordance with IFRS for SMEs. The explanations are supported by source references that direct readers to the text as written in the standard.
In addition, illustrative examples show how the underlying concepts are operationalised in the practice of accounting. Although the text is designed to provide guidance to those wishing to understand IFRS for SMEs, it refers to the full IFRS standards where appropriate, so that those readers who want to compare the requirements in the two IFRS standards may be able to do so.
Understanding IFRS for SMEs is a comprehensive and in-depth approach to unpacking the International Financial Reporting Standards (IFRS) for small, medium and micro enterprises (SMEs). In an easy-to-understand manner, the book explains the conceptual as well as the detailed technical knowledge underpinning the requirements of IFRS for SMEs (supplemented by the same for IFRS where applicable). The text is designed to gradually take a student through the necessary thought processes needed to compile financial statements in compliance with IFRS for SMEs, by focussing on the information and skills needed to apply professional judgment in a compilation engagement and ultimately decision-making.
While the number of entities that can apply IFRS for SMEs form the majority of business entities in the marketplace, there is very little conceptual guidance on the application of IFRS for SMEs. This publication is therefore one of the few texts focussing on the application of IFRS for SMEs, while at the same time allowing the student to see the contrasting requirements of IFRS. The text is designed to assist a student to learn the knowledge required to comply with IFRS for SMEs but also understand the conceptual underpinnings of the standards so as to fully master IFRS for SMEs.
Key Features
Aligned to the latest SAIPA syllabus and requirements.
Easy to understand and currency neutral.
Interactive learning aids and self-assessment questions instantly validate learning.
Video lectures provide further context.
Includes visual aids such as diagrams, infographics and flowcharts.
Audio glossaries of terms promote an understanding of commonly used terms and concepts.
Online support material is available for prescribing lecturers.
About the Authors
Jade Jansen (General Editor) is an Associate Professor, Deputy Head of the Department of Accounting and the Subject Head of Financial Accounting at the University of the Western Cape. He is a Chartered Accountant with a Master’s degree in Accounting Sciences from the University of Pretoria.
Mohamed Karodia is Head of the Faculty of Commerce at Rosebank College, a brand of the Independent Institute of Education. He previously lectured at the University of Johannesburg as well as the University of South Africa, and moderates and reviews content and assessments for various institutions such as Boston Media House, Independent Colleges Group and Pearson International.
Rashied Small is Executive: Thought Leadership at the South African Institute of Professional Accountants (SAIPA) and chairman of the Pan-African Education Committee and Interim Academic Advisory Committee responsible for the development and implementation of curricula in the accounting and auditing sectors across Africa. He holds a PhD in finance and education.
Contents:
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Introduction, purpose and objectives of financial statements
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The Accounting Framework
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Financial statement presentation
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VAT
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Property, plant, equipment
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Investment property
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Inventory
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Intangible assets
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Impairment of assets
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Basic financial instruments
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Provisions and contingencies leases
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Revenue
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Government grants
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Accounting policies, estimates and errors
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Foreign exchange
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Statement of cash flows
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Employee benefits and related party disclosures
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Other financial instruments
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Associates and joint arrangements
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Consolidations
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Share-based payments
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Analysis and interpretation of financial statements
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