IFRS Foundation releases updated learning support for IFRS for SMEs

The IFRS Foundation has indicated that the first three updates of modules designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs standard will be available shortly

The standards setter’s education Initiative is updating the complete suite of 35 stand-alone modules, each of which covers one section of the IFRS for SMEs standard.

According to its quarterly update, modules on Section 1 Small and Medium-sized Entities, Section 3 Financial Statement Presentation, and Section 17 Property, Plant and Equipment will be published on the IFRS Foundation website in mid-April. Other modules will be published as soon as they have been finalised.

Each of the 35 modules will include the full text of the section of the IFRS for SMEs standard reproduced with added notes and examples designed to clarify and illustrate the requirements.

The modules contain a discussion of the significant estimates and other judgements likely to be made in accounting for transactions and events when applying the section of the IFRS for SMEs Standard, and a summary of the main differences between the section of the IFRS for SMEs standard and the corresponding standard from full IFRS standards.

They offer students multiple-choice questions, with answers, designed to test the learner's knowledge of the requirements of the section of the IFRS for SMEs standard, along with case studies, with solutions, designed to develop the learner's ability to account for transactions and events in accordance with the section of the IFRS for SMEs standard.

Details of the IFRS for SMEs update are here.

Report by Pat Sweet

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