IFRS Foundation: IFRS for SMEs Educational Module 9

IFRS Foundation: IFRS for SMEs Educational Module 9

• 28 November 2025
• Accounting
• South African Accounting Academy

Summary:

The IFRS Foundation has published a new Educational Module to support the application of Section 9 on Consolidated and Separate Financial Statements 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 presenting financial statements applying Section 9 Consolidated and Separate Financial Statements of the Standard.

The module:

• provides explanations and examples to improve understanding of the requirements in Section 9;
• identifies the significant judgements required in the preparing Consolidated and Separate Financial Statements;
• includes self-assessment questions designed to test your understanding of the requirements in Section 9; and
• includes case studies that provide a practical opportunity to apply the Section 9 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 124-page document:

https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/2025-modules/module-9.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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