IFRS Foundation: IFRS for SMEs Educational Module 19

IFRS Foundation: IFRS for SMEs Educational Module 19

• 06 October 2025
• Accounting
• South African Accounting Academy

Summary:
The IFRS Foundation has published a new Educational Module to support the application of Section 19 on Business Combinations and Goodwill of the third edition of the IFRS for SMEs Accounting Standard (which was issued by the International Accounting Standards Board (IASB) in February 2025).

Article:
This module has been prepared by the International Accounting Standards Board (IASB) technical staff.

This educational module supports the requirements for the accounting for and the reporting of business combinations and goodwill applying Section 19 Business Combinations and Goodwill of the Standard.

The module:

• provides explanations and examples to improve understanding of the requirements in Section 19;
• identifies the significant judgements required in the accounting for and the reporting of business combinations and goodwill;
• includes self-assessment questions designed to test your understanding of the requirements in Section 19; and
• includes case studies that provide a practical opportunity to apply the Section 19 requirements.

This module forms part of a package of new educational resources to support implementation of the third edition of the IFRS for SMEs Accounting Standard. 

This educational material is aimed at stakeholders learning about, applying or reading financial statements prepared using the IFRS for SMEs Accounting Standard, and includes a comparison with the related full IFRS Accounting Standard.

The IFRS for SMEs Accounting Standard (Standard) is intended for use by small and medium-sized entities that publish general purpose financial statements and that do not have public accountability (referred to as small and medium-sized entities—see Section 1 Small and Medium-sized Entities).

Click here to download the 92-page document:

https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/2025-modules/module-19.pdf 

Relevance to Auditors, Independent Reviewers & Accountants:

• As an auditor and independent reviewer, you need evaluate adherence with the relevant financial reporting framework, and thus you need knowledge of newly revised standards that are approved as well as when they become effective.
• Failure to adhere to IFRs accounting standards may lead to misrepresentation in the financial statements.
• As an auditor, compiler and independent reviewer, you should be aware of new standards and publications (like guidance and support materials) issued by the standard-setting bodies, e.g. the IAASB, IFRS Foundations, etc. – especially in respect of IFRS for SMEs.

Relevance to Your clients:

• Compilers of financial statements should be aware of new standards and publications (like guidance and support materials) issued by the standard-setting bodies, e.g. the IAASB, IFRS Foundations, etc. – especially in respect of IFRS for SMEs

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