IFRS for SMEs
IFRS for SMEs IFRS for SMEs
IFRS for SMEs Train the Trainer Workshop A Global Journey for Enhanced Financial Reporting Hosted by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka) 19-21 August 2013 CA Sri Lanka, Members’ Lounge Colombo, Sri Lanka
- Page 2 and 3: IFRS for SMEs Small and Medium-size
- Page 4 and 5: Workshop outline Day 1 - Monday, 19
- Page 6 and 7: VISA With regard to VISA processing
- Page 8 and 9: All guests staying at the Galadari
- Page 10: The Institute of Chartered Accounta
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop<br />
A Global Journey <strong>for</strong> Enhanced Financial Reporting<br />
Hosted by the Institute of Chartered Accountants of Sri Lanka (CA Sri Lanka)<br />
19-21 August 2013<br />
CA Sri Lanka, Members’ Lounge<br />
Colombo, Sri Lanka
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Small and Medium-sized Entities (<strong>SMEs</strong>) are a vital component in the economy of any country. <strong>SMEs</strong><br />
have been recognized as the backbone of any economy. Over the years, <strong>SMEs</strong> have gained wide<br />
recognition as a major source of employment, new business creations, income generation, poverty<br />
alleviation, regional development and value addition. Thus, by virtue of its dynamism it contributes to<br />
the growth of all other sectors.<br />
Why do we need the <strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
• High quality globally accepted financial reporting standard – carefully applied – benefits many<br />
stakeholders:<br />
- In<strong>for</strong>mation is understandable<br />
- Reduces compliance costs<br />
- Owners / Capital providers have confidence<br />
- Removes uncertainties that affect their cost of capital<br />
• Improve consistency in audit quality<br />
• The <strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong> is a completely stand-alone <strong>IFRS</strong> tailored <strong>for</strong> <strong>SMEs</strong>, which are estimated to<br />
account <strong>for</strong> over 95 per cent of all companies around the world. It is much smaller and simplified<br />
from full <strong>IFRS</strong>s.<br />
Workshop Objectives:<br />
To develop the capacity of regional trainers to provide subsequent training on the <strong>IFRS</strong> <strong>for</strong><br />
<strong>SMEs</strong> in their own jurisdiction, i.e. to equip pre-existing local financial reporting trainers in the<br />
use of the <strong>IFRS</strong> Foundation training material, particularly within developing and emerging<br />
economies.<br />
To engage with other stakeholders (legislators/regulators) to promote adoption and high<br />
quality implementation of the Standard<br />
To provide a <strong>for</strong>um <strong>for</strong> interaction between trainers, <strong>for</strong> the sharing of experience<br />
and the discussion of common issues in relation to the <strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong>.<br />
The workshop and subsequent local roll-out of similar training will assist to establish internationally<br />
accepted financial reporting standards and thus increase confidence in financial reporting and the<br />
benefits that brings to those economies that adopt the Standard.<br />
01<br />
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop
Speakers Profiles<br />
Michael Wells<br />
Director, <strong>IFRS</strong> Education Initiative<br />
Michael Wells leads the education initiative of the <strong>IFRS</strong> Foundation. He qualified as a South African<br />
chartered accountant with Ernst & Young be<strong>for</strong>e being seconded to work out of the firm's Detroit office.<br />
He subsequently joined the academic world and became the Associate Professor responsible <strong>for</strong> the<br />
financial accounting section of a South African university. He also served as an independent evaluator<br />
of professional qualifying examinations. He is a member of a number of international accountancy education<br />
advisory groups<br />
Darrel Scott<br />
Board Member IASB, Chairman of the<br />
SME Implementation Group<br />
Darrel Scott was <strong>for</strong>merly CFO of the FirstRand Banking Group, one of the largest financial institutions<br />
in South Africa. He had responsibility <strong>for</strong> both statutory and regulatory financial reporting under the<br />
Basel II Accords and served on various Governance, Risk, Operation and Strategic Committees of the<br />
Group.<br />
Mr. Scott was also a member of the IASB's International Financial Reporting Interpretations Committee<br />
(IFRIC), a position from which he resigned to become an IASB member, and was <strong>for</strong>merly a<br />
member of the <strong>IFRS</strong> Foundation's Standards Advisory Council (SAC), now called the <strong>IFRS</strong> Advisory<br />
Council.<br />
02<br />
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop
Workshop outline<br />
Day 1 – Monday, 19 August 2013<br />
Time Session details Speakers<br />
8:00-10:00 Details of workshop<br />
Overview of <strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
10:00-<br />
10:30<br />
10:30-<br />
11:30<br />
11:30-<br />
12:30<br />
12:30-<br />
13:30<br />
13:30-<br />
15:30<br />
Bullet points covering all Sections 1-35,<br />
including highlight of differences with full<br />
<strong>IFRS</strong>s<br />
Tea break<br />
Scope and concepts<br />
Sec 1 <strong>SMEs</strong><br />
Sec 2 Concepts and Pervasive Principles<br />
Quiz and discussion<br />
Lunch<br />
Financial statement presentation<br />
Sections 3 to 8 Financial Statements<br />
Sec 10 Accounting Policies, Estimates and<br />
Errors<br />
Sec 32 Events After the End of the<br />
Reporting Period<br />
Section 33 Related Party Disclosures<br />
Part of Sec 30 Foreign Currency Translation<br />
Michael Wells<br />
Director, <strong>IFRS</strong> Education Initiative<br />
IASB<br />
Darrel Scott<br />
Board Member IASB, Chairman<br />
of the SME Implementation Group<br />
15:30-<br />
16:00<br />
16:00-<br />
17:00<br />
17:00-<br />
18:00<br />
Tea break<br />
Revenue<br />
Sec 23 Revenue<br />
Quiz and discussion<br />
03<br />
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop
Workshop outline<br />
Day 2 – Tuesday, 20 August 2013<br />
Time Session details Speakers<br />
8:00-10:00 Financial Instruments<br />
Sec 11 Basic Financial Instruments<br />
Sec 12 Other Financial Instrument<br />
Issues<br />
Sec 22 Liabilities and Equity<br />
10:00-10:30 Tea break<br />
10:30-11:30 Financial instruments continued<br />
Sec 12 Financial Instruments<br />
Portion of Sec 30 Foreign Currency<br />
Translation dealing with <strong>for</strong>eign currency<br />
hedging<br />
11:30-12:30 Quiz and discussion<br />
12:30-13:30 Lunch<br />
13:30-15:30 Assets:<br />
Sec 13 Inventories<br />
Sec 17 Property Plant and Equipment<br />
Sec 18 Intangible Assets<br />
Sec 27 Impairment of Assets<br />
15:30-16:00 Tea break<br />
16:00-17:00 Assets, continued<br />
Sec 14 Associates<br />
Sec 15 Joint Ventures<br />
Sec 16 Investment property<br />
17:00-18:00 Quiz and discussion<br />
Darrel Scott<br />
Board Member IASB, Chairman<br />
of the SME Implementation Group<br />
Michael Wells<br />
Director, <strong>IFRS</strong> Education Initiative<br />
IASB<br />
Day 3 – Wednesday, 21 August 2013<br />
Session details<br />
8:00-10:00 Liabilities<br />
Sec 20 Leases<br />
Sec 21 Provisions and Contingencies<br />
Sec 28 Employee Benefits<br />
10:00-10:30 Tea break<br />
10:30-11:30 Liabilities, continued<br />
Sec 29 Income tax<br />
11:30-12:30 Quiz and discussion<br />
12:30-13:30 Lunch<br />
13:30-15:30 Other issues<br />
Sec 9 Consolidation<br />
Sec 19 Business Combinations<br />
Part of Sec 30 Foreign Currency<br />
Translation<br />
15:30-16:00 Tea break<br />
16:00-17:00 Other issues<br />
Sec 35 Transition<br />
17:00-18:00 Quiz and discussion<br />
Speakers<br />
Michael Wells<br />
Director, <strong>IFRS</strong> Education<br />
Initiative<br />
IASB<br />
Darrel Scott<br />
Board Member IASB, Chairman<br />
of the SME Implementation<br />
Group<br />
04<br />
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop
VISA<br />
With regard to VISA processing <strong>for</strong> entering Sri Lanka, the following three options are available:<br />
1. Visa confirmation through ETA ( Electronic Travel Authorisation system Please visit<br />
http://www.eta.gov.lk)<br />
Step 1 Fill the details on the web link<br />
Step 2 Online payments through credit card (Approximately 20 USD)<br />
Step 3 Confirmation and the reference number will appear on the screen (Take<br />
a print out of the confirmation).<br />
Step 4 Submit the reference number and the confirmation printout at the<br />
airport.<br />
2. Visa on Arrival to Sri Lanka<br />
The delegate can come to Sri Lanka and get On Arrival VISA at the Airport Sri Lanka Immigration<br />
& Emigration Department Counter ( Payment of Approxi mately 25 USD will be required )<br />
3. Manual Visa processing through the Sri Lankan Embassy at the<br />
respective countries.<br />
We recommend the first option, as it is convenient, straight <strong>for</strong>ward<br />
and well accepted.<br />
Hotel accommodation<br />
Hotel Galadari is the official hospitality partner <strong>for</strong> the event and is recommended <strong>for</strong> stay in Colombo-<br />
Sri Lanka.<br />
CA Sri Lanka has negotiated special rates <strong>for</strong> delegates and reserved a limited number of rooms, in<br />
addition to free internet access in rooms, free shuttle service to and from the venue of the workshop<br />
and special early check-ins 06.30hrs / special late checkouts 18.00hrs free of charge.<br />
Should you wish to make your hotel reservations at Hotel Galadari, please use the attached reservation<br />
<strong>for</strong>m to enjoy the special rates offered.<br />
If you have any questions <strong>for</strong> hotel booking, please contact:<br />
Mr. UdeshPerera<br />
Galadari Hotel- Reservations Supervisor<br />
Email; reservations@galadarihotel.lk<br />
or<br />
Mr. Mohamed Naizer<br />
Galadari Hotel - Senior Manager, Marketing & Sales<br />
Email: naizer@galadarihotel.lk<br />
Galadari Hotel<br />
No.64, Lotus road, Colombo1, Sri Lanka<br />
Phone no.: +94-11-2544544 / Fax no.: +94-11-4790603<br />
05<br />
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop
Holel Reservation Form<br />
<strong>IFRS</strong> FOR SMES – WORKSHOP<br />
RESERVATION FORM<br />
19-21 AUGUST 2013<br />
Hosted by CA Sri Lanka<br />
Experience a world of ease, luxury and Sri<br />
Lankan hospitality in its finest resemblance at<br />
the Galadari Colombo. Ease and rejuvenate in<br />
our spacious luxurious rooms excelling in<br />
modern amenities, sophistication and a<br />
stunning, incomparable view of the Ocean.<br />
Come, delight & breathe an air of luxury at the<br />
Galadari!<br />
Please send this <strong>for</strong>m be<strong>for</strong>e 17 August 2013<br />
directly to:<br />
Mr. UdeshPerera<br />
Reservations Supervisor<br />
Email; reservations@galadarihotel.lk<br />
Mr. Mohamed Naizer<br />
Senior Manager, Marketing & Sales<br />
Email: naizer@galadarihotel.lk<br />
Galadari Hotel<br />
No.64, Lotus road, Colombo1, Sri Lanka<br />
Phone no.: +94-11-2544544 / Fax no.: +94-11-<br />
4790603<br />
All emails should be sent to<br />
reservations@galadarihotel.lk with a copy to<br />
naizer@galadarihotel.lk / ghsales@galadarihotel.lk/<br />
nuwan.dishan@casrilanka.com<br />
GUEST INFORMATION<br />
Accommodation Reservation<br />
Family/surname : Given name :<br />
Company :<br />
Position/Job title :<br />
Telephone no. : Fax no. :<br />
Email :<br />
RESERVATION INFORMATION<br />
Check-in date : Flight No. : Time :<br />
Check-out date : Flight No. : Time :<br />
Number of nights’ accommodation required :<br />
Room type<br />
Superior Deluxe Room - Single<br />
Special Room Rate<br />
USD 134.00 ++++ (USD 171 nett)<br />
Tick preferred<br />
room type ( )<br />
No. of<br />
guests per<br />
room<br />
Superior Deluxe Room - Double USD 143.00 ++++ (USD 183 nett)<br />
The above room rates are subject to 10% Service Charge, 1% TDL, 2.04% Nation Building<br />
Tax & 12% Value added Tax.<br />
06<br />
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop
All guests staying at the Galadari Hotel are entitled to the following complimentary services:-<br />
• All Guests upgraded to Superior Deluxe Floor<br />
• Internet access in guests rooms FOC<br />
• Transport (shuttle bus) from Hotel to Conference Venue<br />
• Complimentary use of the Gymnasium, Sauna, Steam bath and Swimming Pool<br />
• Guest rooms will be offered 2 bottles of mineral water per day / platter of fruits on day of<br />
arrival<br />
• Daily news paper and tea making facility in room.<br />
• In built safe, bathrobe, slippers and all amenities<br />
• Special early check in <strong>for</strong> CA delegates at 6.30hrs FOC/ Late check out at 18.00hrs FOC<br />
Special request/remarks :<br />
Transportation Reservation<br />
AIRPORT TRANSFER SERVICE<br />
Please specify Non Smoking / Smoking room preferred.<br />
Service required <strong>for</strong> (please state ‘Yes’ or ‘No’) : Arrival : Departure :<br />
Vehicle type (capacity)<br />
Rental cost (per vehicle)<br />
Tick preferred<br />
vehicle type ( )<br />
No. of guests per<br />
vehicle<br />
A/C Car ( 2 Passengers )<br />
USD 42.00Nett (Pick-up)<br />
A/C Van ( 6 Passengers)<br />
USD 65.00 Nett (Pick-up)<br />
A/C Car ( 2 Passengers )<br />
USD 42.00 Nett (Drop-off)<br />
A/C Van ( 6 Passengers)<br />
USD 65.00 Nett (Drop-off)<br />
Reservation Guarantee<br />
GUARANTEE INFORMATION ** Payment will be made by cash on arrival of the guest.<br />
Credit card details are required to guarantee a reservation. Please provide the following in<strong>for</strong>mation.<br />
Card type (please indicate) : Amex Master card Visa<br />
Card holder’s name :<br />
Credit card number :<br />
Card expiry date : Signature :<br />
HOTEL TERMS & CONDITIONS<br />
Standard check-in time: after 12:00noon<br />
Standard check-out time: be<strong>for</strong>e 12:00 noon<br />
Early arrivals or late departures: -<br />
• Early Check-in after 6.30hrs- FOC<br />
• Late Check-out at18.00hrs – FOC<br />
Amendment / Cancellation policy:<br />
Any amendments or cancellations should reach the hotel 24 hours prior to guest’s arrival.<br />
Pleased to in<strong>for</strong>m you that the Hotel will not charge <strong>for</strong> no shows. However, transport cost of US$ 42/= will be<br />
charged <strong>for</strong> no shows without 24hrs. prior notice<br />
FOR HOTEL USE ONLY<br />
Confirmation number :<br />
Confirmed by :<br />
Confirmation<br />
date :<br />
07<br />
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop
Registration Form<br />
Please complete the Registration Form and return to nuwan.dishan@casrilanka.com by August 12, 2013.<br />
Inquiries:<br />
Nuwan Dishan | Deputy Manager CPD<br />
The Institute of Chartered Accountants of Sri Lanka<br />
30A, Malalasekera Mawatha<br />
Colombo 07<br />
Sri Lanka<br />
Office : +94 (0) 11 2352045 Ext. 1204<br />
Mobile : +94770552524<br />
Fax : +94 (0) 11 2352060<br />
Email : nuwan.dishan@casrilanka.com<br />
Registration Fee: USD 160 per non-resident<br />
Per resident CA Sri Lanka member ~ LKR 15,000<br />
Per resident non member ~ LKR 20,000<br />
The Workshop will be conducted in English. Refreshments and lunch will be provided free of charge to all delegates.<br />
Delegates are, however, responsible <strong>for</strong> all hotel accommodation charges.<br />
PERSONAL DETAILS<br />
Mr. Mrs. Ms. Other (Please indicate as appropriate)<br />
_____________________________________________________________________________________________<br />
First/Given Name:<br />
_____________________________________________________________________________________________<br />
Surname/Family Name:<br />
_____________________________________________________________________________________________<br />
Which member body are you representing (or indicate the name of your organization if you are a speaker or attending in<br />
another capacity)<br />
_____________________________________________________________________________________________<br />
Position at above organization: (e.g., President)<br />
______________________________________________________________________________<br />
Address 1:<br />
_____________________________________________________________________________________________<br />
Address 2:<br />
City: _________________________ Post/Zip Code: _______________________ Country: __________________<br />
Telephone: ______________________________________ Fax: ______________________<br />
_____________________________________________________<br />
Email:<br />
VISA REQUIREMENTS<br />
Invitation letter required Yes No.<br />
Note:<br />
Invitation letter will be sent through email only on request<br />
08<br />
<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />
Train the Trainer Workshop
The Institute of Chartered Accountants of Sri Lanka<br />
30A, Malalasekera Mawatha<br />
Colombo 07<br />
Sri Lanka<br />
Office : +94 (0) 11 2352045 Ext. 1204<br />
Mobile : +94770552524<br />
Fax : +94 (0) 11 2352060<br />
www.casrilanka.com