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Further training material on the IFRS for SMEs available

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May 09, 2013

The IFRS Foundation Education Initiative has developed a training module for "IFRS for SMEs" Section 19, "Business Combinations and Goodwill." Section 19 provides guidance on identifying the acquirer, measuring the cost of the business combination, and allocating that cost to the assets acquired and liabilities and provisions for contingent liabilities assumed. It also addresses accounting for goodwill both at the time of a business combination and after.

Within the context of the IFRS for SMEs, the learning objectives of the Section 19 training module are designed to allow participants to:

  • Identify a business combination.
  • Identify the acquirer in a business combination.
  • Recognize and measure the cost of a business combination.
  • Recognize and measure the identifiable assets acquired, the liabilities and contingent liabilities assumed, and any noncontrolling interest in the acquiree.
  • Recognize and measure any goodwill acquired in a business combination or any gain on a bargain purchase.
  • Account for goodwill after its initial recognition.
  • Determine what information should be disclosed to enable users of the financial statements to evaluate the nature and financial effects of a business combination.
  • Demonstrate an understanding of the significant judgements that are required in accounting for business combinations and goodwill.

Ultimately, the IFRS for SMEs training material will include 35 stand-alone modules — one for each section of the IFRS for SMEs. Currently, 33 modules are available, with the remaining two modules on Section 12 (Additional Financial Instruments Issues) and Section 26 (Share-based Payment) expected to be released in the coming months.

Most of the existing modules are also available in Arabic, Russian, Spanish, and Turkish. The IFRS Foundation hopes to expand the number of languages in which the modules are available.

Click here for more information on the Section 19 training module or access all training modules on the IASB's Web site (free registration is required to access the individual modules).


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