IFRS for SMEs
The simplified, self-contained IFRS built for private entities without public accountability
Key facts
- Level: Associate
- Field: Finance & Accounting
- Certification price: $155 (one-time payment)
- Online course: IFRS for SMEs — Illustrated — Free
- Course + exam bundle: $155
- Exam: 30 multiple-choice questions · 60 minutes · passing score 70% · up to 3 attempts
- Estimated study time: about 12 hours
- Validity: 36 months
- Certification language: English
About the IFRS for SMEs certification
An associate-level certification devoted entirely to the IFRS for SMEs Standard — the single, self-contained and simplified alternative to full IFRS, written for entities without public accountability that still publish general purpose financial statements. You will learn precisely who may (and may not) apply the Standard, how its roughly 35 topic-based sections fit together, and how its concepts and pervasive principles in Section 2 compare with the full-IFRS Conceptual Framework. The heart of the course is measurement: where the SMEs Standard deliberately simplifies — amortising goodwill instead of testing it annually, expensing all research, development and borrowing costs, taking a cost-based route through financial instruments, and driving investment-property measurement by circumstances rather than free choice. You will work common transactions — property, plant and equipment, inventories, leases, revenue, provisions, income taxes and employee benefits — always contrasting the SME treatment with full IFRS. It closes with first-time adoption under Section 35, the sharply reduced disclosures, the periodic review cycle (including the 2025 third edition effective 2027), and how to choose between the two frameworks. Illustrated with comparison tables, Mermaid diagrams, journal entries, worked numbers and a hands-on lab.
Course outline
The IFRS for SMEs — Illustrated course covers:
- Scope and Concepts — What the IFRS for SMEs Standard is and who may use it; its concepts and pervasive principles; and the complete set of financial statements… (2 lessons)
- Key Recognition & Measurement Simplifications — The signature differences from full IFRS: amortised goodwill and intangibles, all R&D and borrowing costs expensed, a cost orientation, and… (2 lessons)
- Common Transactions Under the Standard — PP&E, inventories and leases; then revenue, provisions, income taxes and employee benefits — at SME level of detail, with worked examples showing… (2 lessons)
- Transition and Disclosure — First-time adoption under Section 35; the reduced disclosure requirements; the periodic review of the Standard (including the 2025 third edition… (2 lessons)
Frequently asked questions
- Is the IFRS for SMEs certificate verifiable?
- Yes. Every certificate issued by BC Skills Academy carries a unique credential ID that anyone can check on the public verification page.
- How is the IFRS for SMEs exam structured?
- It is a timed, randomized multiple-choice exam of 30 questions in 60 minutes, graded instantly; you need 70% to pass.
- Can I get a refund?
- Full refund within 7 days of purchase if you have not started the exam. Once the exam has been started or completed, the purchase is no longer refundable.