MQF5 Award in GAPSME

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Use The Code ‘GAPSME15’ For 15% Off! 

Get a 70% Refund via the Get Qualified Scheme 

Start Date: 25/04/2022

End Date: 13/06/2022

Duration: 24 hours

Exam Date: 20/06/2022

MQF Level: 5

ECTS Points: 3

Get an MQF Level 5 qualification accredited by

get qualified malta



GAPSME stands for General Accounting Principles for Small and Medium Enterprises. It has been the default accounting framework for SMEs in Malta, since its implementation in relation to financial reporting periods starting on or after 1st January 2016.

Our MQF Level 5 Award in GAPSME is focused on the key three areas of competencies:

  • GAPSME applicability.
  • Accounting for transactions based on GAPSME and selected accounting policies (during lectures, comparison to IFRS). A great focus will be placed on practical real-world scenarios.
  • Preparation and presentation of individual financial statements under GAPSME.

The programme was designed both for recent Accounting graduates and qualified professionals seeking to get a firm grasp of Malta’s most common accounting framework in just 2 months.

Warranted accountants in Malta, apart from receiving an MQF Level 5 qualification upon the successful completion of the exam, may also claim 24 CPE hours.


Module 1: GAPSME In General

  • Scope of GAPSME
  • The distinction between small entities, medium-sized entities and other entities.
  • Types of entities prohibited from applying GAPSME.
  • The distinction between small groups, medium-sized groups and other groups, and consolidation requirements.
  • Companies Act provisions that are relevant to GAPSME.
  • Accounting concepts and principles under GAPSME.
  • Elements of financial statements.
  • The form, content and presentation of GAPSME financial statements.
  • Related parties under GAPSME (and related party transactions requiring disclosure).
  • Accounting for changes in accounting policies.
  • Accounting for changes in accounting estimates.
  • Accounting for prior period errors.
  • Accounting for events after balance sheet date.
  • Functional currency versus presentation currency.
  • Accounting for transactions in foreign currency.
  • Converting from the functional currency to the presentation currency.
  • Accounting for changes in functional currency.
  • Accounting for changes in presentation currency.

Module 2: Income Statement

  • Classification, measurement and disclosure of transactions connected to the following areas:
    (a) Revenue from goods
    (b) Revenue from construction contracts
    (c) Revenue from other services
    (d) Revenue from other types of income
    (e) Government grants
    (f) Current taxation
    (g) Deferred taxation
    (h) Lease accounting
    (i) Inventory accounting
  • Presentation of discontinued operations

Module 3: Balance Sheet

  • Classification, measurement and disclosure of transactions connected to the following areas:
    (a) Financial instruments
    (b) Joint operations
    (c) Property, plant and equipment
    (d) Investment property
    (e) Assets held for sale
    (f) Intangible assets
    (g) Impairment
    (h) Provisions and contingencies
  • First-time adoption of GAPSME.


Day Date Time
Monday 25/04/2022 17:00-18:30, 19:00-20:30
Monday 02/05/2022 17:00-18:30, 19:00-20:30
Monday 09/05/2022 17:00-18:30, 19:00-20:30
Monday 16/05/2022 17:00-18:30, 19:00-20:30
Monday 23/05/2022 17:00-18:30, 19:00-20:30
Monday 30/05/2022 17:00-18:30, 19:00-20:30
Monday 06/06/2022 17:00-18:30, 19:00-20:30
Monday 13/06/2022 17:00-18:30, 19:00-20:30
Monday (exam) 20/06/2022 18:00-21:00

Study Mode

All classes are being held online using Microsoft Teams. Access details will be provided instantly after placing the order online.

The only event requiring in-person participation is the exam.

Entry Requirements

The diploma programme in GAPSME is open to students who:

  • either hold A-Levels in Accounting
  • or hold a relevant Accounting, Finance, or similar degree

The programme is taught completely in English, so it is expected that students have a good command of English.


Exam Information

An on-site 3-hour exam will be held at ZD Academy’s premises in Mosta on 20th June 2022.

Passing the examination with a satisfactory mark leads to obtaining an MQF Level 5 qualification recognised by the Malta Further & Higher Education Authority. Graduates will receive a hard and soft copy of the certificate, which they can use for further academic or professional progression.

More information on the exam structure and content will be provided by the lecturers during the classes.

Funding Support

Our MQF Level 5 Awards are part of the Get Qualified Scheme, meaning that you can claim a tax refund of 70% after completing it. Our administrators will guide you through the whole procedure.

Pay in Installments

The total course fees can be paid in up to 4 equally split monthly installments. To benefit from our flexible payment solution, please select “Bank Transfer” at the checkout and indicate the number of monthly installments in “Order Notes”. While the payment schedule is flexible, a minimum upfront payment of 300 EUR is required upon placing the order, and the last installment must be paid prior to sitting for the exam on the 20th of June.

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John Debattista

Paul Zammit

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