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Applying IFRS for SMEs


An invaluable guide for SMEs involved in first-time adoption of the new IFRS® standard

The first book to be published on how to apply the new SMEs standard, Applying IFRS® for SMEs includes both International Financial Reporting Standards (IFRS®) text and examples in a combination book and workbook.

Starting with a Foreword by Paul Pacter—a member of the International Accounting Standards Board (IASB) and author of the small and medium enterprises (SMEs) standard—this practical resource features expert insights and explanations from a team of authors active in IFRS® consulting and training with multinational listed companies, public sector entities, and SMEs.

It offers essential coverage of:

  • Analysis of the IFRS® for SME standard with a view to its integration into existing workflows in preparation of accounts

  • Commentary on the theory in the standard, practical insights, and comparisons to full IFRS®

  • Relevant worked out examples aimed at SMEs, plus summaries of important points

The ultimate guide to application of the new SMEs standard, Applying IFRS® for SMEs is a must-have volume for any business or firm applying this framework.

Bruce Mackenzie, CA (SA) FCCA RA, JSE Registered IFRS® Advisor, is a member of the IASB SME Implementation Group (SMEIG) and a director of (, a global IFRS® consulting and training company. He has held positions at Deloitte both in South Africa and the United Kingdom in the IFRS® Centers of Excellence.

Allan Lombard, CA (SA) RA, is an independent IFRS® consultant and has worked previously for KPMG as audit manager.

Danie Coetsee, CA (SA), is Professor of Accounting at the University of Johannesburg, specializing in financial accounting.

Tapiwa Njikizana, CA (SA), RA, JSE Registered IFRS® Advisor, is a director at After qualifying with Coopers & Lybrand, he spent time internationally with Ernst & Young and Anderson.

Raymond Chamboko, CA (SA), JSE Registered IFRS® Advisor, is a director at He was previously with Ernst & Young and SizweNtsalubaVSP where he handled accounting technical issues.

Edwin Selbst (SA) RA, is the technical partner for Horwath South Africa, a member of Crowe Horwath International



List of Abbreviations.

Chapter 1 Scope of the IFRS for SMEs.

Chapter 2 Concepts and Pervasive Principles.

Chapter 3 Financial Statement Presentation.

Chapter 4 Statement of Cash Flows.

Chapter 5 Consolidated and Separate Financial Statements.

Chapter 6 Business Combinations and Goodwill.

Chapter 7 Accounting Policies, Estimates, and Errors.

Chapter 8 Inventories.

Chapter 9 Investments in Associates.

Chapter 10 Investments in Joint Ventures.

Chapter 11 Investment Property.

Chapter 12 Property, Plant, and Equipment.

Chapter 13 Intangible Assets Other than Goodwill.

Chapter 14 Impairment of Assets.

Chapter 15 Provisions and Contingencies.

Chapter 16 Liabilities and Equity.

Chapter 17 Financial Instruments.

Chapter 18 Leases.

Chapter 19 Share-Based Payment.

Chapter 20 Employee Benefits.

Chapter 21 Income Tax.

Chapter 22 Revenue.

Chapter 23 Government Grants.

Chapter 24 Borrowing Costs.

Chapter 25 Foreign Currency Translation.

Chapter 26 Hyperinflation.

Chapter 27 Events after the End of the Reporting Period.

Chapter 28 Related Party Disclosures.

Chapter 29 Specialized Activities.

Chapter 30 Transition to the IFRS for SMEs.