IFRS Foundation Releases Section 13 Educational Module for Third Edition of IFRS for SMEs

Posted 24 June 2026 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The International Accounting Standards Board (IASB) technical staff has issued a new educational module to assist stakeholders in applying Section 13 (Inventories) of the third edition of the IFRS for SMEs Accounting Standard.

The third edition of the IFRS for SMEs Accounting Standard was officially issued by the IASB in February 2025. This newly released educational resource forms part of a broader implementation support package designed to assist small and medium-sized entities that do not have public accountability and are required to publish general-purpose financial statements under Section 1 of the Standard.

The educational module specifically addresses the requirements for recognising and measuring inventories. It provides practical guidance, illustrative examples, and a comparative analysis highlighting the differences between the requirements of Section 13 of the IFRS for SMEs Accounting Standard and the corresponding full IFRS Accounting Standards (specifically IAS 2 Inventories).

The material is designed to support various stakeholders, including:

  • Auditors and Independent Reviewers: Assisting in verifying compliance with the updated measurement and disclosure requirements for inventories.
  • Accountants and Preparers: Providing clear guidance on cost formulas, impairment assessments, and overhead allocations under the third edition.
  • Academic and Training Institutions: Serving as an educational tool for teaching the updated standard.

Click here to download the IFRS for SMEs Section 13 Educational Module.

What this means for you, your business, or your clients

  • For yourself: Update your professional knowledge base regarding the recognition, measurement, and disclosure differences between the second and third editions of Section 13 of the IFRS for SMEs Accounting Standard.
  • For your business: Review and update internal training materials, audit programs, and compliance checklists to align with the newly issued IASB staff guidance on inventory valuation.
  • For your clients: Advise SME clients with significant inventory holdings on how to correctly apply the updated measurement rules, ensuring their accounting policies remain compliant ahead of the effective date of the third edition.

Originally published at https://accountingacademy.co.za/news/read/ifrs-foundation-ifrs-for-smes-educational-module-13

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