The Training Course on IFRS for SMEs equips SME accountants, finance managers, auditors, and business owners with the knowledge and practical skills required to prepare financial statements in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).
This course focuses on simplified recognition, measurement, presentation, and disclosure requirements relevant to SMEs.
Learning Objectives
By the end of this course, participants will be able to:
Understand the structure and principles of IFRS for SMEs.
Apply recognition and measurement rules specific to SMEs.
Prepare financial statements compliant with IFRS for SMEs.
Account for key items including revenue, inventory, PPE, leases, liabilities, and equity.
Interpret and apply disclosure requirements.
Transition an SME from cash basis or full IFRS to IFRS for SMEs.
Identify common reporting mistakes and ensure compliance.
Strengthen financial reporting, transparency, and decision-making.
Structure of the IFRS for SMEs Standard (Sections)
Advantages of adopting IFRS for SMEs
Ethical and professional considerations
Practical: Gap analysis – current reporting vs IFRS for SMEs requirements
Module 2: Presentation of Financial Statements
Statement of Financial Position
Statement of Comprehensive Income (Income Statement)
Statement of Changes in Equity
Statement of Cash Flows
Notes to the financial statements
Materiality and aggregation principles
Simplified disclosures for SMEs
Practical: Designing IFRS for SMEs–compliant formats
Module 3: Recognition & Measurement of Key Elements
Revenue recognition (simplified approach)
Inventory – IAS vs IFRS for SMEs approach
Property, Plant & Equipment (PPE)
Intangible assets and goodwill
Investment property
Financial assets and liabilities
Leases for SMEs
Provisions and contingencies
Income taxes (current & deferred – simplified)
Practical: Journal entries and adjustments under IFRS for SMEs
Module 4: First-Time Adoption & Conversion
Transition requirements and exemptions
Optional exemptions & mandatory exceptions
Converting from: Cash Basis, Full IFRS
Adjusting opening balances
Restatement of comparative figures
Common pitfalls during transition
Practical: Prepare a transition balance sheet
Module 5: Disclosure, Reporting & Compliance
Mandatory disclosures under IFRS for SMEs
Management judgments & estimates
Related party disclosures
Events after reporting date
Documentation and audit readiness
Creating an IFRS for SMEs accounting manual
Continuous improvement in financial reporting
Final Project: Prepare a complete set of IFRS for SMEs financial statements for a sample SME
Who Should Attend
The course is suitable for SME Accountants & Finance Officers, Internal & External Auditors, Business Owners & Directors, Tax Consultants & Advisors, Bookkeepers, CPA, ACCA & CIFA Students
GENERAL NOTES
i. The client has many options on where they would wish to have the training
Onsite training (In Kenya)
Onsite training (Outside Kenya)
Online Training
a. Mombasa
a. Southern Sudan – Juba
a. Zoom
b. Nairobi
b. Tanzania – Dar es Salaam
b. Webex
c. Naivasha
c. Rwanda – Kigali
c. Google meets
d. Machakos
d. Nigeria – Lagos
d. Google teams
e. Thika
e. Lilongwe – Malawi
..
f. Nakuru
f. South Africa – Johannesburg
..
g. Embu
g. Ghana – Accra
h. At work place
h. At work place
..
ii. The client shall communicate the preferred training venue at least seven(7) days before the training date. Otherwise the training shall take place in Nairobi.
iii. This training is delivered by our seasoned trainers who have vast experience as expert professionals in the respective fields of practice. It is taught through a mix of practical activities, theory, group works and case studies.
iii. Training manuals and additional reference materials are provided to the participants.
iv. Upon successful completion of this training, participants will be issued with Arichum Consulting certificate.
v. The onsite training fee covers tuition fees, training materials, tea at 10am, lunch, tea at 4pm, training venue and a certificate on completion. Accommodation and travel may be arranged for our participants upon request.
vi. The online training fee covers tuition fees, training materials, and a certificate on completion.
