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The IFRS® Foundation is developing educational modules for the 2015 version of the IFRS for SMEs Standard. These materials have been designed to provide stakeholders with additional support in preparing and reading financial statements prepared in accordance with the Standard.

Each module focuses on one of the Standard’s 35 sections and gives a comprehensive overview of the section it covers; it contains the text of the Standard enriched with practical examples that illustrate and explain the requirements simply. In addition, the modules outline differences between the IFRS for SMEs Standard and full IFRS Standards.

Stakeholders can test their knowledge by answering multiple-choice questions and by analysing case studies included at the end of each module. These self-assessment questions and case studies will help users to develop skills needed to account for transactions and events applying IFRS for SMEs Standard.

The IFRS for SMEs Standard sets out accounting requirements for small and medium-sized companies which are estimated to account for over 95 per cent of all companies around the world. The Standard is less complex than full IFRS Standards and focuses on primary information about cash flows, liquidity and solvency.

The first ten modules available to download are:

  • Module 1—Small and Medium-sized Entities
  • Module 3—Financial Statement Presentation
  • Module 5—Statement of Comprehensive Income and Income Statement
  • Module 6—Statement of Changes in Equity and Statement of Income and Retained Earnings
  • Module 7—Statement of Cash Flows
  • Module 11—Basic Financial Instruments
  • Module 12—Other Financial Instrument Issues
  • Module 13—Inventories
  • Module 17—Property, Plant and Equipment
  • Module 32—Events after the End of the Reporting Period

The remaining 25 modules will be published in the forthcoming months.

You can also stay informed about the latest news relating to the IFRS for SMEs Standard and find out when new modules are published by clicking on the ‘follow’ button at the top of this page.