GAPSME (General Accounting Principles for Small and Medium-Sized Entities)

GAPSME (General Accounting Principles for Small and Medium-Sized Entities) serves as the default accounting framework in Malta for accounting periods starting on or after 1 January 2016. Whilst this accounting framework is generally adopted by most small and medium-sized companies in Malta, these entities are still allowed to report under IFRSs (International Financial Reporting Standards). On the other hand, entities that are categorised as large companies must adhere to IFRSs.

Objectives

This 6-hour seminar, split over two sessions, aims to provide attendees with a comprehensive refresher on the main areas of interest within the General Accounting Principles for Small and Medium-Sized Entities (GAPSME) at both financial accounting and financial reporting presentation levels.

These sessions will serve as an opportunity for attendees to:

• Refamiliarize themselves with the most important topics within the GAPSME legislation.
• Explore the key differences between IFRS and GAPSME.
• Work through various illustrative examples to better understand all concepts at hand.

Topics on the Agenda

1. Financial Instruments
2. Investments in Subsidiaries, Associates and Joint Ventures
3. Related Party Disclosures
4. Leases
5. Investment Property
6. Intangible Assets
7. Revenue

Target Audience

This course is specifically targeted toward accounting professionals and students, especially those who are pursuing or intend to pursue a career in audit or financial reporting.

The Speakers

Neville Saliba joined Deloitte in 2024, bringing with him a wealth of expertise in IFRS advisory services, consolidations, and financial reporting framework conversions. After earning his Master’s in Accountancy from the University of Malta in 2020, Neville began his career in client accounting, which quickly evolved into a focus on accounting advisory. He has since supported corporate clients' Heads of External Reporting with complex IFRS and GAPSME challenges, alongside delivering tailored training programs. Passionate about advancing the accounting profession, Neville actively engages in industry discussions and frequently delivers lectures and CPE sessions on financial reporting topics.

Thomas Zammit began his journey with Deloitte in 2014 as a student in the Deloitte Pathway Programme. Following the completion of his Master’s degree in Accountancy from the University of Malta, he transitioned into Deloitte Malta’s Audit service line. During this time, he gained invaluable experience leading audit engagements across the financial services sector, including insurance, asset management, and pensions.

Building on this foundation, Thomas advanced into the role of technical IFRS specialist within Deloitte’s Assurance service line. In this capacity, he has provided advice on complex transactions under IFRS and GAPSME, authored in-depth technical memos and, more recently, has worked closely with C-suite executives on insurance undertakings to facilitate their transition to IFRS 17. His expertise also extends to the preparation of financial statements that ensure compliance with IFRS, GAPSME, and the requirements of IFRS 17 for insurance entities.