Through Legal Notice 289 of 2015, effective for financial reporting periods commencing on or after
1st January 2016, the General Accounting Principles for Small and Medium Entities (GAPSME) became the default financial reporting framework for small entities whose financial years begin on or after 1 January 2016. Medium-sized entities can also adopt GAPSME if they so wish. This course will outline the major features of GAPSME with respect to recognition, measurement and disclosures and its applicability to small and medium-sized entities. The main differences from IFRSs as adopted by the EU will also be discussed.
Aims and Objectives for the Course
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- Identify the entities and groups which qualify for reporting under GAPSME.
- Understand the fundamental recognition and measurement concepts set out in GAPSME.
- Identify the disclosures applicable to small and medium-sized entities.
- Understand the main differences in recognition, measurement and disclosure from IFRS as adopted by the EU.
Mark J Abela is a Certified Public Accountant and Auditor with 19 years’ post-qualification experience. Mark holds a Bachelor’s degree in Accountancy and a Masters Degree in Financial Services from the University of Malta. Mark is presently Head of Operations of SMP Partners (Malta) Limited where he manages every aspect of the company’s provision of corporate services.
Mark started his career as an auditor with one of the Big 4 accounting firms. Mark is highly experienced in regulatory, technical and complex accounting and financial reporting matters having worked at managerial and senior managerial levels with two other Big 4 firms in assurance and financial accounting advisory services and having directed the technical activities of the Malta Institute of Accountants, going on to become CEO of the Institute. Mark distinguished himself by working as IFRS project manager with the Brussels based European Financial Reporting Advisory Group, which is responsible for issuing endorsement advice to the European Commission on IFRS to be adopted for use in the EU.
Mark is also experienced in public financial management, control and advisory having served as a project leader with the Ministry of Finance as well as in the corporate services sector when he was employed to head the accounting and tax department of a leading Maltese corporate services provider.
Mark has authored several technical and regulatory papers. He was a visiting lecturer at the University of Malta and regularly delivers training events.
Events resources will be available after the delivery of the event.
Start date: 14/04/2020
Start time: 14:00
End time: 17:15
Venue: Online Live Session
Phone: +356 27555560 / +356 77555560