The IFRS Foundation has made available a package of 35 supporting modules to help those applying the IFRS for SMEs Standard. The Standard is specifically aimed at companies that do not have public accountability—they don’t have debt or equity traded in a public market and don’t hold assets in a fiduciary capacity for a broad group of outsiders.
The modules are also helpful to those consuming financial statements prepared using the Standard and to students and others who are learning about it.
There is one supporting module per section of the Standard. Each module explains the requirements in the corresponding section of the Standard, discusses the significant estimates and other judgements relevant for that section, and provides a comparison with full IFRS Standards. In addition, the package of modules contains more than one thousand examples and over 350 multiple-choice questions, allowing people to test their own understanding of the Standard.