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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:
- Module 1 Small and Medium-sized Entities
- Module 2 Concepts and Pervasive Principles
- Module 3 Financial Statement Presentation
- Module 4 Statement of Financial Position
- Module 5 Statement of Comprehensive Income and Income Statement
- Module 6 Statement of Changes in Equity and Statement of Income and Retained Earnings
- Module 7 Statement of Cash Flows
- Module 8 Notes to the Financial Statements
- Module 10 Accounting Policies, Estimates and Errors
- Module 11 Basic Financial Instruments
- Module 13 Inventories
- Module 14 Investments in Associates
- Module 15 Investments in Joint Ventures
- Module 16 Investment Property
- Module 17 Property, Plant and Equipment
- Module 18 Intangible Assets Other Than Goodwill
- Module 20 Leases
- Module 21 Provisions and Contingencies
- Module 22 Liabilities and Equity
- Module 23 Revenue
- Module 24 Government Grants
- Module 25 Borrowing Costs
- Module 28 Employee Benefits
- Module 29 Income Tax
- Module 30 Foreign Currency Translation
- Module 32 Events after the End of the Reporting Period
- Module 33 Related Party Disclosures
- Module 35 Transition to the IFRS for SMEs
The Learning Objectives
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.
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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