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Following are the training modules provided by the IFRS Foundation for the implementation of IFRS for SMEs adopted in the Philippines as PFRS for SMEs:

The Learning Objectives

Module 1 Small and Medium-sized Entities

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Upon successful completion of this module you should know the characteristics of SMEs as defined by the IASB in the IFRS for SMEs. You should also know which entities must not assert compliance with the IFRS for SMEs. Furthermore, through the completion of the case study that simulate aspects of the real world application of that knowledge, you should have enhanced your ability to determine which entities are SMEs as defined by the IFRS for SMEs.

Module 2 Concepts and Pervasive Principles

Upon successful completion of this module the learner should understand the objective of general purpose financial statements and the concepts and pervasive principles that flow from that objective. Understanding the concepts that the IASB uses to set requirements provides a cohesive understanding of the IFRS for SMEs and better prepares you for effective lifelong learning, particularly because, every three years or so, some of the requirements in the IFRS for SMEs are likely to change.

You should also know when and how to apply the concepts and pervasive principles when using your judgement in developing and applying accounting policies in accordance with the IFRS for SMEs.  Furthermore, through the completion of case studies that simulate aspects of the real-world application of that knowledge, you should have enhanced your ability to deal with topics that do not form part of the IFRS for SMEs. In particular you should, in the context of the IFRS for SMEs, be able:

 to demonstrate an understanding of the objective of general purpose financial statements and the concepts and pervasive principles that flow from that objective.

to use your judgement in developing and applying an accounting policy that results in information that is both relevant to the economic decision-making needs of users and is reliable.


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