Transcribed Image Text
In: AccountingFull IFRSs are generally designed for use by entities that arequoted on world’s major capital...Full IFRSs are generally designed for use by entities that arequoted on world’s major capital markets. However, the world’smajority entities are Small and Medium sized Enterprises (SMEs) andunlisted. The IASB has developed IFRSs specific to SMEs. The mainpurpose of this was to provide a framework that generates relevant,reliable and useful information which should provide a high qualityand understandable set of accounting standards suitable forSMEs.Required:Create FOUR scenarios simulating a particular SME where youdescribe transactions with numerical data as well as specifiedaccounting periods. For each created scenario:Discuss the required accounting treatment in accordance withIFRS for SMEsContrast the accounting treatment in (b) (i) with the treatmentunder Full IFRS.