IFRS for SMEs — Illustrated

An illustrated, example-driven guide to the IFRS for SMEs Standard. Four modules build genuine competence: the scope and concepts of this single, self-contained simplified Standard for entities without public accountability; the key recognition and measurement simplifications versus full IFRS (amortised goodwill, all R&D and borrowing costs expensed, a cost-based orientation, circumstance-driven investment property and financial instruments); the common transactions — property, plant and equipment, inventories, leases, revenue, provisions, income taxes and employee benefits — with worked examples that highlight where the SME treatment differs from full IFRS; and transition, first-time adoption under Section 35, the reduced disclosures, the periodic review cycle and how to choose between the two frameworks. Rich with IFRS-for-SMEs-versus-full-IFRS comparison tables, Mermaid diagrams, journal entries, numeric examples and a hands-on conversion lab.

Key facts

• Course price: Free
• Field: Finance & Accounting
• Prepares for: IFRS for SMEs
• 4 modules · 8 lessons · about 2 hours of lessons
• Self-paced, online, illustrated lessons

Course outline

1. 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, including the combined statement of income and retained…
   • What the Standard Is and Who May Use It
   • Concepts, Principles and the Financial Statements
2. 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 circumstance-driven investment property and financial…
   • Goodwill, Intangibles, R&D and Borrowing Costs
   • Cost Orientation, Investment Property, Financial Instruments — and a Lab
3. 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 where the treatment differs from full IFRS.
   • PP&E, Inventories and Leases
   • Revenue, Provisions, Income Taxes and Employee Benefits
4. Transition and Disclosure — First-time adoption under Section 35; the reduced disclosure requirements; the periodic review of the Standard (including the 2025 third edition effective 2027); and deciding between full IFRS and…
   • First-time Adoption and Reduced Disclosures
   • Keeping Current, and Choosing Between the Frameworks