The International Financial Reporting Standards (IFRS) is developing stand-alone modules, one for each section of the 2015 version of the IFRS for SMEs Standard.
It has released the first three of 35 stand-alone modules which provide support to anyone learning about, applying or reading the financial statements prepared using IFRS for SMEs Standard.
Each module includes the following:
- requirements—the full text of the section of the IFRS for SMEs Standard reproduced with added notes and examples. The notes and examples are designed to explain and illustrate the requirements.
- significant estimates and other judgements—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.
- comparison with full IFRS Standards—a summary of the main differences between the section of the IFRS for SMEs Standard and the corresponding Standard from full IFRS Standards.
- test your knowledge—multiple-choice questions, with answers, designed to test knowledge of the requirements of the IFRS for SMEs Standard.
- apply your knowledge —case studies, with solutions, designed to develop the skills needed to account for transactions and events in accordance with the IFRS for SMEs Standard.
These modules have not been approved by the Board.
More details on the modules can be viewed from the IFRS website.
Source: IFRS, 21 April 2018