The Companies Act (the Act) provides for a new classification of companies as either Profit Companies or Non-Profit Companies. With regard to profit companies, the Act distinguishes between four different types of companies, namely:
- Private companies - (Pty)Ltd
- Personal liability companies – Inc
- State owned companies - SOC Ltd
- Public companies - Ltd
Companies Regulations, 2010 require that every company calculate its ‘public interest score’ for each financial year. In terms of this requirement every company must calculate its ‘public interest score’ for each financial year.
The company’s public interest score will be used to determine whether or not certain companies will require audited financial statements, which financial reporting standards should apply, and who may conduct an independent review for those companies that are not subject to the audit requirement.
The following companies require IFRS:
- State owned companies.
- Public companies listed on an exchange.
- Non-profit companies that are required in terms of Regulation 28 (2)(b) to have their annual financial statements audited.
- All companies that do not meet the scoping requirements outlined in IFRS for SME. (The scope of IFRS for SMEs restricts its use only to entities that meet the definition of an SME. IF a company does not meet this definition then they have to apply IFRS. The standard clearly states that entities that do not meet the definition of an SME cannot claim compliance with IFRS for SMEs, even if they are permitted or required to do so in their jurisdiction. IFRS for SME standard is intended for use by entities that do not have ‘public accountability’ (e.g. unlisted companies) and publish ‘general purpose’ financial statements).
- Companies that select to apply IFRS.
Our License for IFRS Specialist aims to showcase your ability to prepare financial statements of high quality and reliability.
Licensed IFRS Specialist
This license is accredited by SAIBA and authorises the member to perform a specialist service within the standards of engagements as set by SAIBA.
The license is not the equivalent of a designation nor a qualification.
Purpose of the license
This program will teach you how to understand, apply, and explain fundamental concepts and principles of IFRS across a broad range of accounting standards.
Whether you are an accountant in commerce or in practice the course will provide guidance, the knowledge and the reassurance to support your employer and its clients.
Licensed IFRS Specialist
Obtain professional recognition for your knowledge of International Financial Reporting Standards (IFRS).
After completing this license the designated member will be:
Fundamental principles of IFRS
Overview of IFRS definitions and concepts
Latest standards and amendments issued by the IASB
The following topics are covered in the license
Study unit 1:
- First-Time Adoption of IFRS (IFRS 1)
Study unit 2:
- The Conceptual Framework for Financial Reporting and Fair Value Measurement (IFRS 13)
Study unit 3:
- Presentation of Financial Statements (IAS 1) and Events After the Reporting Period (IAS 10)
Study unit 4:
- Accounting Policies, Changes in Accounting Estimates and Errors (IAS 8)
Study unit 5:
Study unit 6:
- Property, Plant and Equipment (IAS16) and Borrowing Costs (IAS 23)
Study unit 7:
- Investment Property (IAS 40)
Study unit 8:
- Intangible Assets (IAS 38)
Study unit 9:
Study unit 10:
- Non-Current Assets Held-for-Sale and Discontinued Operations (IFRS 5)
Study Unit 11:
- Government Grants (IAS 20)
Study Unit 12:
Study Unit 13:
- Financial Instruments (IAS 32, IFRS 9, IFRS 7)
Study Unit 14:
- Provisions, Contingent Liabilities, and Contingent Assets (IAS 37)
Study Unit 15:
Study Unit 16:
- Employee Benefits (IAS 19)
Study Unit 17:
- Share-Based Payment (IFRS 2)
Study Unit 18:
- Revenue From Contracts With Customers (IFRS 15)
Study Unit 19:
- Statements of Cash Flows (IAS 7) and Interim Reporting (IAS 34)
Study Unit 20:
- Consolidated Financial Statements (IFRS 10) and Separate Financial Statements (IAS 27)
Study Unit 21:
- Business Combinations (IFRS 3)
Study Unit 22:
- Investment in Associates and Joint Ventures (IAS 28) and Joint Arrangements (IFRS 11)
Study Unit 23:
- The Effects of Changes in Foreign Exchange Rates (IAS 21)
Study Unit 24:
- Related Party Disclosures (IAS 24)
Study Unit 25:
- Earnings Per Share (IAS 33)
Why a license for IFRS for SME
The International Financial Reporting Standards (IFRS), issued by the International Accounting Standard Board (IASB), are becoming the global accounting standard for how companies prepare financial statements.
Progress toward a set of global accounting standards is no longer a goal of the International Accounting Standards Board (IASB), it is a reality, as many of the world’s largest capital markets require or permit the use of International Financial Reporting Standards (IFRS).
Over 125 countries require publicly traded companies to apply IFRS, while many other jurisdictions permit the use of IFRS in some circumstances.
The IFRS course and license gives participants the skills to compete effectively in today’s global business environment. A grounding in IFRS will distinguish participants from other accounting and finance professionals and expand their global career opportunities.
The programme is certificate-level and available worldwide. Accessible online, it is a flexible and self-taught programme, so you can learn at a time convenient for you.
The programme is a unique resource to help you develop a comprehensive understanding of the IFRS standard.
The programme is available as a course, including online learning materials and online assessment.
Whichever element you purchase, you will receive 12 months access.
To complete the full learning and assessment programme we recommend on average 30 hours' study time, which may vary depending on your level of prior knowledge.
If you want to prepare quality financial statements you have to be licensed
The License for IFRS Specialists (LIFRS) is a professional license that is awarded to:
- members of SAIBA, that have
- obtained any of our designations, and who
- want to prepare high quality IFRS based financial statements, and
- have a minimum of 2 years of relevant post-designation experience, and
- who assist with performing audits, and who has exposure or work for public or private multinational organisations; Companies that have adopted IFRS; Public practice who serve private, public or international companies with audit, preparation, or advisory service.
Branded, secure, and verifiable digital certificates
- Obtain branded, secure, and verifiable digital certificates and badges.
- Your certificates can't be duplicated or faked.
- With a single click, you and potential clients/employers can verify the achievement is legitimate.
- Social media ready.
- We automatically optimize your certificates and badges to display perfectly on any screen size, so they always look good.