IFRS Foundation: IFRS for SMEs Educational Module 30

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IFRS Foundation: IFRS for SMEs Educational Module 30

• 26 June 2026
• Accounting
• South African Accounting Academy

Summary:
The IFRS Foundation has published a new Educational Module to support the application of Section 30 on Foreign Currency Translation 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 focuses on the general requirements on how to include foreign currency transactions and foreign operations in the financial statements of an entity, and how to translate financial statements into a presentation currency that is different from the functional currency applying Section 30 Foreign Currency Translation of the IFRS for SMEs Accounting Standard. 

This module: 

• provides explanatory notes and examples designed to improve understanding of the requirements; 
• identifies the significant judgements required in applying Section 30; 
• includes questions designed to test your understanding of the requirements; and 
• provides case studies that provide a practical opportunity to apply the requirements to account for foreign currency transactions and to perform foreign currency translations applying the IFRS for SMEs Accounting Standard.

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 105-page document:

https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/2026-modules/module-30.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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