A QUALIFICATION has been launched to develop accountants' understanding of IFRS for SMEs by the ACCA.
The certificate, which comprises an online course and test, is designed to provide members with an understanding of the concepts of IFRS for SMEs, the principles which underpin them, and their application in the international marketplace, ACCA said.
IFRS has significant disclosure reductions to the full IFRS for larger companies, and different accounting treatments for some items such as goodwill.
For instance, topics not relevant for SMEs – such as earnings per share, interim financial reporting, and segment reporting – are omitted, while principles for recognising and measuring assets, liabilities, income and expenses in full IFRSs are simplified. For example, amortise goodwill, expense all borrowing and R&D costs, cost model for associates and jointly-controlled entities, no available-for-sale or held-to-maturity classes of financial assets.
ACCA said the course will enable members to examine the reporting standard's "fundamental requirements for the benefit of preparers, auditors and users of financial statements".
Alan Hatfield, director – learning at ACCA, said: "The certificate is available on-demand so it fits around people's jobs and lives. The course is not just for those who want formal recognition; if you value the extra knowledge, you can just take the course without completing the online assessment."
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