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
- 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.