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IFRS for SME's, FARAH KARMILA BINTI MOHAMED AZUKARAIS
(20083762) -…
IFRS for SME's
Considerations
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Revenue recognition
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Intangibles and goodwill: Always amortized (Useful life cannot exceed 10 years if cannot be established reliably)
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Objectives
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To provide an accounting framework in such countries for entities that are not of the size nor have the resources to adopt full IFRS.
To provide a framework that generates relevant, reliable, and useful information which should provide a high quality and understandable set of accounting standards suitable for SMEs.
Core details/structure
Applies to SME's that:
-Do not have public accountability
-Publish general purpose financial statements
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Past year's question
P2, March/June 2016: Question 1 (b)
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