IFRS for SME’s | Supporting the Entrepreneur
International Financial Reporting Standards (IFRS) is a set of global accounting standards that is implemented to ensure transparency, accountability and efficiency in different financial markets around the world, including South Africa. IFRS for SME’s concerns the accounting standards that has been specifically developed with small companies in mind, and it focuses on the information that may be required by creditors, lenders, and other authorities that may use SME’s financial statements.
Converting to an IFRS-friendly system is about more than just your company’s accounts. It also affects many your daily operations. If you look at it as an opportunity to evaluate and improve certain systems in your business, you might benefit greatly form the changes. Unfortunately, the conversion process and initial reporting phase can be challenging.
With our team of qualified and experienced individuals, who make sure to stay ahead of the latest financial sector advancements, including IFRS, clients can have confidence in MMS’ abilities to assist your business in an efficient manner, to ensure that all standards are met. We can assist in the fields of accounting, transition methodology, tax, valuations, treasury, and overall project management.
We offer the following:
To fully assist our clients with their IFRS requirements, especially IFRS for SME’s, we offer the following services to help companies transition to IFRS standards:
- We offer to, objectively, evaluate your business’ processes, control systems and deliverables to determine the changes required to meet IFRS requirements.
- Debtors and creditors analysis
- We offer to assist with the entire IFRS transition, by offering project management support.
- We can advise on how to talk to key stakeholders about the changes commencing in your business.
- Ongoing support
- IFRS reporting
On the accounting side, we offer advice and support and will assist our clients by:
- Assisting with the identification of differences between GAAP accounting system and new IFRS system to implement the necessary changes.
- Determining what disclosures are required (financial and non-financial).
- Advising on employee benefits
- Supporting clients with valuations and impairment testing
To talk to us about your company’s IFRS requirements, please feel free to contact us directly via phone or email.