Course Outline:

The EU Single Accounting Directive 2013/34/EU resulted in a new set of financial reporting requirements replacing the 4th and 7th Directive which cover the financial reporting requirements for both separate and consolidated financial statements. Local small and medium-sized companies are allowed to apply simplified accounting regulations (General Accounting Principles for Small and Medium-sized Entities, commonly referred to as GAPSME), rather than International Financial Reporting Standards (IFRS), for accounting periods commencing on or after 1 January 2016. In comparison to IFRS as adopted by the EU, GAPSME includes a number of differences in the measurement, recognition and disclosure requirements of an entity. The extent of such differences may vary depending on the size of the entity and nature of items in the financial statements. The objective of this session is to act as a refresher of the key requirements of GAPSME and other financial reporting considerations applicable to companies registered in Malta. Participants will be provided with a detailed look at which entities are considered to be small or medium-sized under GAPSME, together with the measurement, presentation and disclosure requirements laid out in the legal notice which introduced GAPSME as Malta’s new GAAP.

Pre-Requisites:

Basic knowledge on financial reporting under GAPSME or IFRS is recommended.

Learning Outcomes:

By the end of the session participants would be knowledgeable of key concepts set out in GAPSME and they will also gain insight on tackling certain issues that are frequently raised by the preparers of financial statements when adopting GAPSME.

Target Audience:

The session is aimed for those accounting professionals seeking to gain more knowledge on GAPSME and to understand more the recognition and measurement criteria underlined in Legal Notice 289 for the different balance sheet and income statement items making up the statutory financial statements. It is also suitable for recent graduates and university students.

Trainers:

Clifford Delia – Partner, Corporate Accounting Services, KPMG Malta

Clifford joined KPMG in 2004 after successfully completing his Bachelor of Accountancy (Hons) Degree at the University of Malta. Following a number of years working within the Audit function in Malta and Ireland, he joined the Corporate Accounting Services team in 2008 and has progressively advanced in his career with his major focus now centred around advising and assisting international and local clients in financial reporting, indirect taxation and payroll. He currently leads the firm’s accounting and payroll support service lines. He regularly delivers technical and professional training on accounting and VAT in various professional fora and has published articles in a number of professional journals. Clifford is an accountant by profession, holds a Practising Certificate in Auditing and is also a Certified Information Systems Auditor. He is a fellow of the Malta Institute of Accountants and a member of the Malta Institute of Taxation.

Claudia Vella Schembri – Assistant Manager, Accounting Advisory Services, KPMG Malta

A Certified Public Accountant in possession of an ACCA degree, Claudia has been in the profession for over 10 years. She is an Associate of the Malta Institute of Accountants and a Fellow of ACCA. Claudia started her career within the Accounting Department at KPMG, where she was entrusted with a vast portfolio of both local and international clients across various industries, following which she then moved out to the industry. Claudia was Finance Manager for maritime security companies, retail entities and she has also experienced accounting positions within the gaming industry. She also held the position of Technical Officer at the Malta Institute of Accountants, before re-joining KPMG’s Accounting Advisory Department in 2019. Within the Accounting Advisory Services, Claudia advises and assists a varied portfolio of local and international clients operating in several industries. She is also designated person within the department, responsible for managing and providing the assistance required to the Audit Teams of the firm.

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