IFRS Foundation: IFRS for SMEs Educational Module 1

IFRS Foundation: IFRS for SMEs Educational Module 1

• 17 July 2025
• Accounting
• South African Accounting Academy

Summary:

The IFRS Foundation has published a new educational module to support the application of Section 1 Small and Medium-sized Entities of the third edition of the IFRS for SMEs Accounting Standard.

Article:

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

This educational module supports the requirements on the scope of the IFRS for SMEs Accounting Standard in accordance with Section 1 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 module:

• provides explanations and examples to improve understanding of the requirements in Section 1;

• identifies the significant judgements required in determining whether or not the IFRS for SMEs Accounting Standard can be applied by the entity;

• includes questions to test your understanding of the requirements in Section 1; and
• includes a case study that provides a practical opportunity to determine whether or not the IFRS for SMEs Accounting Standard can be applied by certain entities.

Click here to download the document:

https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/2025-modules/module-1.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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