Wednesday, January 20, 2010

IFRS for SMEs Training Material

The International Accounting Standards Committee Foundation (IASC Foundation) today published the first part of its comprehensive set of training materials for the IFRS for SMEs. The free-to-download training material forms part of a range of initiatives undertaken by the IASC Foundation and the International Accounting Standards Board (IASB) to support the widespread adoption of the IFRS for SMEs.

The IFRS for SMEs was published by the IASB in July 2009 following an extensive development programme, including widespread consultation with interested parties. The standard is designed for use by small and medium-sized entities (SMEs), which are estimated to constitute more than 95 per cent of all companies.

The training material is designed to assist companies and accounting practitioners in applying the standard. It will also assist educators in teaching how to apply the IFRS for SMEs. Once completed, the training material will comprise 35 separate modules—one for each section of the IFRS for SMEs. The first twelve modules are now available for download from the IASB website ( The remaining modules will be published in the course of this year as they are completed. Each module guides the learner through the official text, develops the learner’s understanding of the requirements through the use of examples, and points out where significant judgements are required. It also includes questions designed to test the learner’s knowledge of the requirements as well as case studies to develop the learner’s ability to apply the IFRS for SMEs.

The training material is part of a range of measures taken by the IASC Foundation and the IASB to support and facilitate the implementation of the IFRS for SMEs around the world. In particular:

(a) The IASB developed implementation guidance to accompany the IFRS for SMEs, consisting of illustrative financial statements and a presentation and disclosure checklist.

(b) This year, in co operation with regional professional associations and the world’s development agencies, the IASC Foundation will begin a series of regional ‘train the trainers’ workshops. These workshops will focus on building capacity for the implementation of the IFRS for SMEs, particularly in developing and emerging economies. The first series of workshops, which has been organised jointly with the Confederation of Asian Pacific Accountants, will take place in India and Malaysia in January 2010. Further workshops are being planned jointly with regional professional associations in Africa, the Caribbean and elsewhere.

(c) The Trustees of the IASC Foundation will finalise, later this month, the terms of reference and operating procedures of the SME Implementation Group.

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