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IFRS for SMEs checklist

1. General Requirements

2. Presentation of Financial Statements

3. Accounting Policies and Estimates

4. Financial Instruments

5. Revenue Recognition

6. Inventories

7. Property, Plant, and Equipment

8. Leases

  • Review lease agreements for terms and conditions.
  • Determine if risks and rewards of ownership are transferred.
  • Evaluate the lease term relative to asset's economic life.
  • Check for purchase options or residual value guarantees.
  • Calculate the present value of lease payments.
  • Recognize right-of-use asset at commencement date.
  • Adjust for initial direct costs and incentives.
  • Reassess lease liabilities for modifications or changes.

9. Provisions and Contingencies

10. Related Party Disclosures

11. Transitioning to IFRS for SMEs

12. Final Review

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