IFRS for SMEs Third Edition: Self-Study Programme

What the IFRS for SMEs Third Edition changes, what it does to your clients' numbers, and what to fix before the 2026 comparatives are locked in

10 CPD units 1 presenter

What will set you apart

By completing this course you will gain the following competencies

Why the 2026 comparative year matters now, and what restating it involves if your client's policies are not updated in time
How to apply the public accountability test and map the six changed sections to each client on your books
How the new asset and liability definitions and the removal of the probability criterion change what goes on the balance sheet
How to assess control under the three-part model, including de facto control, structured entities and potential voting rights
How to classify debt instruments with the SPPI test, and when an intragroup guarantee at nil consideration falls under Section 21
How to measure fair value under the new Section 12 hierarchy and prepare the Level 3 disclosures
Why acquisition costs are now expensed and contingent consideration is measured at fair value on day one, and what that does to goodwill
How to apply all five steps of the Section 23 revenue model to service contracts, software licences, construction contracts and property sales
Which transition reliefs are available, how to set the opening balance sheet, and what the transition disclosures must show

Event breakdown

Module 1: The Big Picture. Who qualifies, the effective date, the transition reliefs and the six changes in overview
Module 2: New Foundations. Section 2 definitions, recognition and derecognition, measurement and the four clarified concepts
Module 3: Consolidation and Control. The three-part control model, de facto control, structured entities and losing control of a subsidiary
Module 4: Financial Instruments. The merged Section 11, the end of the IAS 39 fallback, the SPPI test, financial guarantees and amortised cost
Module 5: Fair Value Measurement. The new financial instrument disclosures and Section 12: the hierarchy, valuation approaches and disclosures
Module 6: Business Combinations. The definition of a business, identifying the acquirer, goodwill, contingent consideration and step acquisitions
Module 7: Revenue from Contracts with Customers, Part 1. Steps 1 to 3: the contract, performance obligations and the transaction price
Module 8: Revenue from Contracts with Customers, Part 2. Steps 4 and 5, contract costs, balance sheet presentation and transition options
Module 9: Cash Flows, Transition and Your Roadmap. Section 7 changes, transition relief, the opening balance sheet and the implementation roadmap
Each module includes worked examples, written practice questions with model answers, knowledge and client action checklists, and a 10-question assessment with a 70% pass mark

Category: Financial ReportingType: Short CourseCPD category: Financial Reporting

Description

The IFRS for SMEs Third Edition applies to financial periods beginning on or after 1 January 2027. For a December year-end client, the comparative figures in the first third-edition financial statements start on 1 January 2026, which means the new rules already apply to transactions recorded this year. If your clients' 2026 books are still on second-edition policies, you are heading for a restatement at year-end. This self-paced programme takes you through every section that changed: the new definitions and recognition rules in Section 2, cash flow disclosures in Section 7, control in Section 9, financial instruments in Section 11, fair value in the new Section 12, business combinations in Section 19, the five-step revenue model in Section 23, and the transition rules. Each module explains what changed and why, works through South African client examples with full calculations and journal entries, and ends with a client action checklist and a 10-question assessment.

Presenters

Leana van der Merwe — Leana van der Merwe is a Chartered Accountant and Registered Auditor with over 18 years of experience in business accounting, audit and corporate governance. A former Audit Director and professional-body Technical and Standards Executive, she has guided more than 14,000 professionals through complex regulatory matters. Leana also serves on the PAFA Technical Advisory Group, the IFAC Anti-Money Laundering Committee and the IFRS Foundation SME Implementation Group.

You will earn a certificate

On successful completion you will receive a certificate for 10 CPD units in Financial Reporting.

Requirements

Laptop, desktop, or mobile device with internet access
Microsoft Edge, Google Chrome, Safari, or Firefox browser