(IFRS) for Small and Medium-sized Entities (SMEs)

IFRS FOR SMES – JULY 2009(x)a member of the key management personnel of the entityor of a parent of the entity, or a close member of thatmember’s family, has control or joint control over thereporting entity or has significant voting power in it.related party transactionrelevancereliabilityreporting datereporting periodresearchresidual value(of an asset)retrospectiveapplication (of a changein accounting policy)revenueseparate financialstatementsservice concessionarrangementA transfer of resources, services or obligations between relatedparties, regardless of whether a price is charged.The quality of information that allows it to influence theeconomic decisions of users by helping them evaluate past,present or future events or confirming, or correcting, their pastevaluations.The quality of information that makes it free from materialerror and bias and represent faithfully that which it eitherpurports to represent or could reasonably be expected torepresent.The end of the latest period covered by financial statements orby an interim financial report.The period covered by financial statements or by an interimfinancial report.Original and planned investigation undertaken with theprospect of gaining new scientific or technical knowledge andunderstanding.The estimated amount that an entity would currently obtainfrom disposal of an asset, after deducting the estimated costs ofdisposal, if the asset were already of the age and in thecondition expected at the end of its useful life.Applying a new accounting policy to transactions, other eventsand conditions as if that policy had always been applied.The gross inflow of economic benefits during the period arisingin the course of the ordinary activities of an entity when thoseinflows result in increases in equity, other than increasesrelating to contributions from equity participants.Those presented by a parent, an investor in an associate or aventurer in a jointly controlled entity, in which the investmentsare accounted for on the basis of the direct equity interestrather than on the basis of the reported results and net assets ofthe investees.An arrangement whereby a government or other public sectorbody contracts with a private operator to develop (or upgrade),operate and maintain the grantor’s infrastructure assets such asroads, bridges, tunnels, airports, energy distribution networks,prisons or hospitals.© IASCF 225