Training Module is Now Available for IFRS for SMEs
Training module for Section 26 of International Financial Reporting Standard (IFRS) for Small and Medium Enterprises (SMEs) is now available. The training module was developed by the IFRS Foundation Education Initiative. Section 26 of provides guidance about share-based payment transactions. It also provides non-mandatory guidance provided by IFRS for SMEs.
The training module is designed to help the participants in:
· Identification of share based payment transactions
· Application of recognition requirements for these transactions
· Application of recognition requirements when vesting conditions are present
· Application of measurement principle for shares, share options, and other equity-settled share based payment transactions
· Understanding how to treat share-based payment plans mandated by government
· Accounting for cash-settled share-based payment transactions
· Accounting for modifications in terms and cancellation and settlements of equity-settled share-based payment transactions
· Disclosing share-based payment transactions in the financial statements
· Demonstrating understanding of judgments needed in accounting for share-based payment transactions
The IFRS foundation is developing thirty five training modules for each section of the IFRS for SMEs. Most of these modules are available in different languages for example Russian, Spanish, Arabic, and Turkish. The IFRS Foundations may make these modules available in more languages.
A presentation and disclosure checklist of IFRS for SMEs has been prepared by IFRS Global Office of Deloitte. The presentation and disclosure requirements of IFRS for SMEs have been summarized in this checklist. This checklist can be used as a guide to help in ensuring compliance with the presentation and disclosure requirements of the IFRS for SMEs. It should be kept in mind that it is not a substitute to the actual requirements of the IFRS for SMEs. It should neither be considered as a substitute for understanding the requirements of the IFRS for SMEs nor a substitute for seeking professional advice of a qualified accountant.