The IASC Foundation has completed the first two three-day workshops to 'train the trainers' on the IFRS for SMEs. The two workshops were organised by the Confederation of Asian and Pacific Accountants (CAPA) and funded, in part, by the Asian Development Bank. They took place on 20-22 January 2010 in Kuala Lumpur, Malaysia, and on 25-27 January 2010 in Hyderabad, India (the latter at a new residential training facility provided by the Institute of Chartered Accountants of India). The instructors were Paul Pacter, the IASB's Director of Standards for SMEs, and Michael Wells, Director of the IASC Foundation's IFRS Education Initiative. There were 85 participants from 15 jurisdictions: Bangladesh, Cambodia, Hong Kong, India, Indonesia, Malaysia, Mongolia, Nepal, North Korea, Papua New Guinea, Philippines, Samoa, Singapore, Sri Lanka and Vietnam.

The workshops involve three days of intensive study of most sections of the IFRS for SMEs. All participants have committed themselves to organise similar IFRS for SMEs training workshops in their own country. The IASB provided the instructors, training material and PowerPoint presentations for these workshops. Regional groups and development agencies that may want to organise 'teach the trainer' sessions should contact Michael Wells at: mwells@iasb.org.

Instructors' presentations at 'Train the Trainers' workshops are available

The instructors' presentations at the January 2010 'train the trainers' workshops (see above) have been posted on the IASB's website and are available here A total of 20 presentations are so far available for download in PDF format.

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The IASC Foundation's education initiative is developing comprehensive training material to support the adoption and consistent application of the IFRS for SMEs. The training material will include 35 stand-alone modules—one for each section of the IFRS for SMEs. You are free to print the training material, distribute it in training programmes, and post it on your own website for non-commercial purposes in accordance with IASC Foundation copyright and terms of use. Each module includes:

• Introduction. An overview of the module, including learning objectives and an overview of the requirements that are the subject of that module.
• Requirements. The full text of the section of the IFRS for SMEs with added notes and worked examples. The notes and examples are designed to clarify and illustrate the requirements.
• Significant estimates and other judgements. A discussion of significant estimates and other judgements in accounting for transactions and events in accordance with that section of the IFRS for SMEs.
• Comparison with full IFRSs. A summary of the main differences between this section of the IFRS for SMEs and the corresponding full IFRS.
• Test your knowledge. A collection of multiple-choice questions (with answers) designed to test the learner's knowledge of the requirements of this section of the IFRS for SMEs.
• Apply your knowledge. Several case studies (with solutions) designed to develop the learner's ability to account for transactions and events in accordance with this section of the IFRS for SMEs.

The following 17 modules of the training material, in English, have been posted and are available here:

Module and Section	Title
1	Small and Medium-sized Entities
3	Financial Statement Presentation
4	Statement of Financial Position
5	Statement of Comprehensive Income and Income Statement
6	Statement of changes in Equity and Statement of Income and Retained Earnings
8	Notes to the Financial Statements
10	Accounting Policies, Estimates and Errors
13	Inventories
14	Investments in Associates
15	Investments in Joint Ventures
16	Investment Property
17	Property, Plant and Equipment
21	Provisions and Contingencies
23	Revenue
24	Government Grants
25	Borrowing Costs
32	Events after the End of the Reporting Period

The education initiative expects to complete the remaining training modules in the course of 2010. Towards the end of each month the IASC Foundation plans to post the newly-completed modules on the IASB's website.

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Here is a status report on translations of the IFRS for SMEs:

• Complete. Chinese, Spanish, Italian, Romanian
• In process. Arabic, Czech, French, Japanese, Serbian, Turkish
• Proposed or under discussion. Armenian, Khmer, Macedonian, Polish, Portuguese, Russian, Ukrainian

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We try to keep track of jurisdictions that have adopted, or are planning to adopt, the IFRS for SMEs. Our list currently includes over 50 jurisdictions. In a future Update we will include a summary. Meanwhile, in the past few weeks we have become aware of the following adoptions:

Botswana. The Council of the Botswana Institute of Accountants (BIA) has made the IFRS for SMEs an alternative to full IFRSs for most companies with fewer than 100 employees. The resolution states: "In July 2009, the International Accounting Standards Board (IASB) finally issued the long-awaited IFRS for SMEs. This standard takes immediate effect. Without doubt this is a welcome development in the profession in Botswana especially in view of the fact that Botswana has legislated compliance with full IFRS through the Companies Act 2003. The SMEs standard will significantly reduce the compliance burden for companies in Botswana and it is going to be the reporting framework for more than 90% of the companies in Botswana."

Cambodia. The National Accounting Council (NAC) of the Ministry of Economy and Finance of Cambodia has made the IFRS for SMEs an option for all companies in Cambodia except for 'public interest entities' (financial institutions, publicly traded entities, and large entities), which must use full IFRSs.

Ethiopia. All commodities dealers are now required to use the IFRS for SMEs.

Guyana. The Institute of Chartered Accountants of Guyana has adopted the IFRS for SMEs, as issued by the IASB, for use in Guyana for financial statements for periods ending on or after 31 December 2009. SMEs may choose either the IFRS for SMEs or full IFRSs.

Hong Kong. In January 2010, the Hong Kong Institute of CPAs proposed to adopt the IFRS for SMEs as the Hong Kong Financial Reporting Standard for Private Entities. However, the proposal includes replacing Section 29 Income Tax with a cross-reference to IAS 12 Income Taxes. The auditor's report and basis of presentation note would have to refer to conformity with the Hong Kong Financial Reporting Standard for Private Entities, not to the IFRS for SMEs.

Mauritius. The Parliament has enacted Finance Bill 2009, amending the accounting requirements in Mauritius to permit the IFRS for SMEs as an option for small state owned enterprises. Furthermore, there is currently a consultation on a proposal to extend the option to use the IFRS for SMEs to all non-state-owned companies with turnover of less than 200 million rupees (roughly US$6 million). This will expand the scope of the IFRS for SMEs to the majority of companies based in Mauritius that are required to prepare financial statements.

Sierra Leone. On 30 December 2009, the Council for Standards of Accounting, Auditing, Corporate and Institutional Governance (CSAAG) of Sierra Leone unanimously passed a resolution adopting the IFRS for SMEs for profit-seeking entities that fall outside its conditions for the application of full IFRSs. The IFRS for SMEs is voluntary (permitted) for reporting periods commencing 1 January 2010 and mandatory for reporting periods commencing 1 January 2011. Listed companies, banks, insurance companies, and other statutorily recognised financial institutions are required to apply the full IFRSs as issued by the IASB.

Trinidad and Tobago. The Institute of Chartered Accountants of Trinidad and Tobago (ICATT) has adopted the IFRS for Small and Medium-sized Entities, as issued by the IASB, for use in Trinidad and Tobago for financial statements effective immediately, which includes 2009 and prior periods. ICATT's announcement said that "the adoption of this Standard impacts the majority of the entities in Trinidad and Tobago and would simplify the level of accounting and auditing requirements for qualifying entities choosing to implement the Standard." Prior to adoption of the IFRS for SMEs, SMEs in Trinidad and Tobago used full IFRSs. Now, SMEs may choose either the IFRS for SMEs or full IFRSs.

Please send information about adoption (and plans for adoption) of the IFRS for SMEs to Paul Pacter, IASB Director of Standards for SMEs: ppacter@iasb.org.

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Where to obtain IFRS for SMEs materials