Intangible assets are non-monetary assets without physical substance that are identifiable and controlled by an entity. Under IFRS for SMEs, such assets are recognised when they are identifiable, controlled by the entity, and expected to generate future economic benefits. The standard mandates initial measurement at cost and subsequent measurement using the cost model, with amortisation applied to assets with finite useful lives. Impairment testing is required when indicators of impairment exist, ensuring assets are not carried at more than their recoverable amount. Practical examples in R currency illustrate how SMEs can apply these principles in real-world financial reporting.

Annual financial statements help businesses understand their financial health. They show what a company owns, what it owes, how much profit it makes, and where its cash goes. IFRS for SMEs makes these reports simpler for small businesses. Knowing how to read them can help with better decision-making and financial planning. Read the full article to learn more about each statement and why they matter.

Starting a new role as a bookkeeper requires a solid understanding of financial operations, compliance, and efficient bookkeeping practices. This guide provides essential insights into key responsibilities, from understanding the business model and reviewing bookkeeping systems to managing compliance and cash flow. Effective communication with external accountants, mastering reconciliations, and setting clear job responsibilities help ensure accuracy and efficiency. Additionally, staying updated with industry changes and adopting modern accounting tools can enhance performance. By implementing these strategies, bookkeepers can establish themselves as indispensable financial professionals, contributing to the overall success of their organisation.