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IFRS Foundation: IFRS for SMEs Educational Module 2
- 21 July 2025
- Accounting
- South African Accounting Academy
Summary:
The IFRS Foundation has published a new educational module to support the application of Section 2 Concepts and Pervasive Principles of the third edition of the IFRS for SMEs Accounting Standard.
Article:
This module has been prepared by the International Accounting Standards Board (IASB) technical staff.
This module is designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs Accounting Standard.
This module focuses on the concepts that underlie financial statements prepared in accordance with the IFRS for SMEs Accounting Standard.
The module introduces the subject and reproduces the official text along with explanatory notes and examples designed to enhance understanding of the requirements. It identifies the significant judgements required when considering the concepts and pervasive principles underpinning the Standard and includes questions designed to test your understanding of these concepts and pervasive principles.
This educational module supports the requirements on the scope of the IFRS for SMEs Accounting Standard in accordance with Section 2 of the Standard. Any reference in this module to ‘the IFRS for SMEs Accounting Standard’ is to the third edition of the Standard, issued in February 2025.
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 66-page document:
https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/2025-modules/module-2.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