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The Association of Chartered Certified Accountants has introduced a certificate to support finance professionals in understanding the new International Financial Reporting Standard for small and medium-sized entities.

The certificate, according to a statement by the association, is given upon the completion of an online course and test designed to provide members with an understanding of the concepts of IFRS for SMEs, the principles which underpin them, and their application in the international marketplace.

The statement said, “The IFRS for SMEs has been adopted in many countries and its use is spreading. It will be essential for many finance professionals, especially those working in, and for, the SME sector, to understand this standard that will be used by the millions of companies within its scope.

“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.”

The association said the IFRS had significant disclosure reductions to the full IFRS for larger companies and different accounting treatments for some items such as goodwill.

The Director of Learning, ACCA, Mr. Alan Hatfield, 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.”