March 2018 IFRS for SMEs Update

The IFRS for SMEs Update is a quarterly staff summary of news, events and other information about the IFRS for SMEs Standard and related SME activities. The staff summary has not been reviewed by the International Accounting Standards Board (Board).

• Update on IFRS for SMEs Standard modules
• IFRS for SMEs Standard adopted in Papua New Guinea
• IFRS for SMEs Standard translations—status report

Update on IFRS for SMEs Standard modules

The IFRS Foundation's Education Initiative is updating the complete suite of 35 stand-alone modules designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs Standard. Each module covers one section of the IFRS for SMEs Standard.

Each of the 35 modules will include:

• requirements—the full text of the section of the IFRS for SMEs Standard reproduced with added notes and examples. The notes and examples are designed to clarify and illustrate the requirements.
• significant estimates and other judgements—a discussion of the significant estimates and other judgements likely to be made in accounting for transactions and events when applying the section of the IFRS for SMEs Standard.
• comparison with full IFRS Standards—a summary of the main differences between the section of the IFRS for SMEs Standard and the corresponding Standard from full IFRS Standards.
• test your knowledge—multiple-choice questions, with answers, designed to test the learner's knowledge of the requirements of the section of the IFRS for SMEs Standard.
• apply your knowledge—case studies, with solutions, designed to develop the learner's ability to account for transactions and events in accordance with the section of the IFRS for SMEs Standard.

Modules on Section 1 Small and Medium-sized Entities, Section 3 Financial Statement Presentation, and Section 17 Property, Plant and Equipment will be published on the IFRS Foundation website in mid-April. Other modules will be published as soon as they have been finalised.

IFRS for SMEs Standard adopted in Papua New Guinea

The Accounting Standards Board of Papua New Guinea (ASBPNG) has approved the IFRS for SMEs Standard for use by entities without public accountability in Papua New Guinea effective for accounting periods beginning on or after 1 January 2018. The following entities have public accountability, and therefore must use full IFRS Standards:

• entities whose shares are traded on the Papua New Guinea Stock Exchange (Port Moresby Stock Exchange, POMSoX) or any overseas exchange; and
• entities that hold assets in a fiduciary capacity, including banks and other licensed financial institutions, security brokers, insurance companies, superannuation funds, unit trusts, investment funds, and savings and loan societies.

All other entities (including State-owned enterprises whose shares are not publicly traded and that do not hold assets in a fiduciary capacity) are permitted to use the IFRS for SMEs Standard. Alternatively, they may use full IFRS Standards.

The ASBPNG operates under the Investment Promotion Authority of Papua New Guinea. The ASBPNG is developing its own website; the website of the Investment Promotion Authority is http://www.ipa.gov.pg/.

IFRS for SMEs Standard translations—status report

The following translations of the 2015 IFRS for SMEs Standard are available and have been approved by the IFRS Foundation:

Completed: Albanian*, Arabic*, Armenian*, Bosnian*, Georgian*, Japanese*, Kazakh*, Mongolian Portuguese*, Spanish*.

The following translations of the 2009 IFRS for SMEs Standard are available and have been approved by the IFRS Foundation:

Completed: Albanian*, Arabic*, Armenian*, Bosnian*, Bulgarian*, Chinese (simplified)*, Croatian*, Czech*, Estonian*, French*, Georgian, German, Hebrew*, Italian*, Japanese*, Kazakh*, Khmer*, Lithuanian*, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish* and Ukrainian*.

*Available for free download here (for translations not marked with an asterisk please visit our IFRS Shop for details on how to purchase a hard copy).