ACCA's CertIFR for SMEs
A new certificate has been launched to support finance professionals in understanding the new International Financial Reporting Standard (IFRS) for small and medium-sized entities (SMEs).
The CertIFR for SMEs has been launched by ACCA (the Association of Chartered Certified Accountants) to ensure finance professionals understand the details of the International Financial Reporting Standard (IFRS) that has been introduced for SMEs.
The IFRS for SMEs has been adopted in many countries and its use is spreading. In Malaysia, the Malaysian Accounting Standards Board (MASB) is considering the possibility of replacing the PERS Framework which is outdated with a new set of standards in 2015 with effective date of 2016, with IFRS for SMEs being one of the frameworks considered.
Jennifer Lopez, country head of ACCA Malaysia, said "It will be essential for finance professionals working in, and for, the SME sector to understand this standard that will be used by the millions of companies within its scope. If and when this standard is enforced in Malaysia, SMEs will need to prepare themselves for the adoption. It cannot be a knee-jerk action."
The IFRS for SMEs has significant disclosure reductions to the full IFRS for larger companies, and different accounting treatments for some items such as goodwill. The aim of the certificate is to ensure finance professionals will understand how the IFRS for SMEs is used around the world and know how to use it in practice. It will also enable them to examine its fundamental requirements for the benefit of preparers, auditors and users of financial statements.
Alan Hatfield, director of learning at ACCA, said: "The certificate is available on-demand so it fits around people's jobs and lives. The course is not just for those who want formal recognition; if you value the extra knowledge you can just take the course without completing the online assessment. This certificate will also provide CPD to ACCA members."