International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs) is appropriate for general purpose financial statements and other financial reporting of all profit-oriented entities.  The standard is meant to provide simplifications to the requirements in full IFRSs that reflect the needs of users of SMEs’ financial statements and cost-benefit considerations.  

This course focuses on the primary differences between full IFRS and IFRS for SMEs.

Learning Objectives
  • Explore which entities may appropriately apply International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs).
  • Discover the primary differences of IFRS for SMEs compared to full IFRS.
  • Recognize important principles that are reinforced in both IFRS for SMEs and full IFRS.
Last updated/reviewed: August 5, 2023

Included In Certifications

This course is included in the following Certification Programs:

17 CoursesInternational Financial Reporting Standards (IFRS) Certification

  1. General Considerations for Preparing Financial Statements in Accordance with IFRS
  2. IFRS vs. U.S. GAAP - Major Differences in Accounting
  3. 2022 IFRS Update
  4. IFRS for Small and Medium-Sized Entities Compared to Full IFRS
  5. Accounting for Revenue from Contracts with Customers per IFRS 15
  6. Accounting for Leases under IFRS 16
  7. IFRS - Accounting for Share-Based Payment Awards per IFRS 2
  8. Accounting for Financial Instruments under IFRS 9
  9. Accounting for Nonfinancial Assets under IFRS
  10. Accounting for Business Combinations under IFRS 3
  11. IFRS - Accounting for Employee Benefits per IAS 19 and IFRIC 14
  12. Accounting for Investments in Other Entities, Including Consolidation, under IFRS
  13. IFRS - Accounting for Income Taxes per IAS 12
  14. IFRS - Derivatives and Hedge Accounting under IFRS 9
  15. IFRS - Special Accounting Topics
  16. IFRS - Special Financial Reporting Issues
  17. IFRS - General Financial Statement Disclosures
6 Reviews (30 ratings)

Reviews

5
Anonymous Author
The material does a nice job of differentiating when IFRS for SMEs can be applied and how applying such differs in treatment compared to IFRS. Thanks
5
Anonymous Author
Great course. Professor is very effective in explaining the concepts in this course would recommend to all.
4
Anonymous Author
Instructor's voice is easy to listen to. Material is aligned with expectations.
4
Member's Profile
A brief yet informative course on the IFRS for SMEs, worth the time and effort.
4
Member's Profile
Very informative. Concepts well presented in a clear an simple manner.
3
Anonymous Author
This was a good overview of the differences between IFRS and IFRS SME.
Prerequisites
Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Introduction to IFRS for Small and Medium-Sized Entities Compared to Full IFRS 8:52
  Pervasive Concepts11:52
  Basic Financial Instruments12:42
  Business Combinations8:20
  Investments in Other Entities2:18
  Non-Financial Assets, Including Intangible Assets3:23
  Employee Benefit Plans & Income Taxes5:00
  Revenue and Expense Matters7:06
CONTINUOUS PLAY
  IFRS for Small and Medium-Sized Entities Compared to Full IFRS 59:33
Supporting Materials
  Slides: IFRS for Small and Medium-Sized Entities Compared to Full IFRS PDF
  IFRS for Small and Medium-Sized Entities Compared to Full IFRS Glossary/IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONS quiz
 FINAL EXAMexam