IASC Publishes Free IFRS Training Material for SMEs
The International Accounting Standards Committee (IASC) Foundation has published the first part of its set of IFRS training materials for small and medium enterprises (SMEs). The free-to-download 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 a development programme, including widespread consultation with interested parties. The standard is designed for use by SMEs, which are estimated to constitute more than 95% 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 12 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.