June 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
• Workshop about IFRS for SMEs Standard held at the Ministry of Finance of Georgia
• IFRS for SMEs Standard translations—status report

Update on IFRS for SMEs 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.

Six modules have been published here on the IFRS Foundation website. These modules are on:

• Section 1—Small and medium-sized entities
• Section 3—Financial Statement Presentation
• Section 5—Statement of Comprehensive Income and income Statement
• Section 6—Statement of Changes in Equity and Statement of Income and Retained Earnings
• Section 7—Statement of Cash Flows
• Section 17—Property, Plant and Equipment

Each of the modules includes:

• 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.

We expect to publish five more modules in the next few weeks. Other modules will be published as soon as they have been finalised.

Workshop about IFRS for SMEs Standard held at the Ministry of Finance of Georgia

Board member Darrel Scott provided an overview of the critical concepts and principles surrounding the IFRS for SMEs Standard on the 7th of May in Tbilisi, Georgia. The event was organized by the Service for Accounting, Reporting and Auditing Supervision (SARAS) in partnership with the World Bank Centre for Financial Reporting Reform at Georgia's Ministry of Finance. 200 accountants attended and took the opportunity to discuss implementation and application of both full IFRS Standards and the IFRS for SMEs Standard. Darrel observed that "It is fantastic to see the interest in the IFRS for SMEs Standard in Georgia, and we really appreciate the work done by SARAS to prepare local accountants for the implementation of this Standard".

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 * please visit our IFRS Shop for details on how to purchase a hard copy).