Betty Bookkeeper explains the transition from GAAP to IFRS for SMEs – Nov 2015

Hi Betty 

Is the GAAP still in use for financial reporting of SMEs, or should I stick to IFRS for SMEs?

Kind regards,


Hi Ben

All professionals who are currently reporting under Generally Accepted Accounting Practice (GAAP) are required to move to IFRS for SMEs. GAAP will no longer be available for use in reporting for financial years starting on or after 1 December 2012.

If you’re changing from GAAP to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), you are required to comply with Section 35 of the IFRS for SMEs – transition to the IFRS for SMEs. The International Accounting Standards Board (IASB) has given exceptions to ease the transition to IFRS for SMEs, but retrospective application remains the general rule.

You can read more about this decision by the Accounting Practices Board over here.

Hope that helps!

Don’t forget that I’m here to answer your questions about the ICBA, or just queries about your accounting at work. All you have to do is email me!


Top 9 qualities of an accounting supervisor

Article source: AccountingWEB 

Ever thought about the career of an accounting supervisor? They’re the ones who lead teams of accounts clerks by organising and supervising their work, as well as evaluating their performance. They’re usually responsible for preparing financial reports and providing executives with key financial information. What does it take to become one of them? Here are top 9 qualities of great accounting supervisors to help you screen yourself and develop your skills if you’re thinking about taking this career direction in the future.

1. Strong leadership skills

Those are key for all accounting supervisors. Their main job is overseeing the performance of other workers at their department and delegating different tasks to their teams. They often provide training to staff and ensure that all workers are aware of new laws and regulations. To become an accounting supervisor, you need skills that make one a fine leader in every professional context.

2. Professionalism

Accounting supervisors are always professional and maintain a respectful attitude at work. This is a leadership position and it compels them to set an example for other workers. You’ll need to be tactful, diplomatic and have a key ability of keeping sensitive financial matters secure, making sure that nobody unauthorised can see them.

3. Communication

Successful supervisors are excellent communicators. They lead accounting teams, so the ability to explain complex data in simple terms is really important – both in writing and verbally. Knowing how to provide clear and understandable instructions to your staff is crucial.

4. Customer relations

Just like any other supervisor, accounting supervisors will come into contact with customers, especially if they lead an accounting firm providing services to businesses and individuals. To be successful, you need to be courteous with clients, able to identify their concerns and address them the best way you can.

5. Management skills

Strong management skills are important. Those will help you to lead your team efficiently and get the best results possible from your work. You must be able to coordinate work of a team of account clerks, as well as other junior staff accountants. Great accounting supervisors help their team members to develop skills and resources to keep their productivity and company performance high.

6. Accuracy

The field of accounting is based on accuracy, and leading a team of accountants requires lots of it. The accounting team manages company’s income and expenses – bad management automatically increases the risk of poor financial performance, leading straight to a disaster. Lack of accuracy exhibited by a leader could lead to penalties – for instance, if they forget to comply with industry regulations.

7. Honesty

Accounting supervisors are there to be trusted. That’s why they should demonstrate high standards of honesty. Supervisors should be ready to deal with any discrepancies or financial irregularities that could easily compromise the company’s integrity.

8. Stress management

Supervisors are like other leaders and need to be able to maintain their calm under pressure. You might be working under hectic and chaotic conditions – to be successful, you need to be able to perform well even under pressure and stress. This is especially the case during busy seasons when reports and tax returns are due and the amount of work seems to rise by the hour.

9. Technical know-how

This might come as a surprise, but great accounting supervisors need to have some technical know-how. Supervising requires a certain level of computer expertise since accounting software is always changing – adaptation to working with new programs is part of every supervisor’s professional life.

Ensuring that the company maintains accurate accounting records and complies with financial regulations, accounting supervisors play a very important role in leading companies towards financial success. If you’d like to become one of them, you better prepare for some hard work ahead!


Earn CPD points at home: purchase DVDs and course notes

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