IFRS for SMEs (IFRS for Small and Medium-sized Entities (SMEs)) Practice Test

What the IFRS for SMEs) is and how it works

According to ACCA, “one hour online exam which consists of 25 multiple choice questions”^[1]

The ACCA Certificate in International Financial Reporting (CertIFR) is the assessment this page is built around. It suits people who prepare or read financial statements and want a recognised grounding in IFRS Accounting Standards. It is delivered online and on demand, so you can apply at any time rather than waiting for a fixed sitting.

The assessment is an online exam of 25 multiple-choice questions with a time limit of 1 hour. The course and assessment are sold together for £310, or £230 for ACCA members. If you only need the assessment, the assessment-only option costs £200, or £150 for ACCA members. That is also the figure to check if you need to sit again.

ACCA's older Malaysia listing for a Certificate in IFRS for SMEs shows £235 for course and assessment together, or £130 each, with member prices of £180, or £95 each. Fees change and differ by region, so confirm the current price on the ACCA site.

This page does not state the pass mark, how results are reported, eligibility conditions or retake limits, because none of those appear in the sources we checked. Read ACCA's date and fee page before you apply, and treat our questions as practice written by us, not as real exam items.

IFRS for SMEs) Exam at a Glance

What changed for IFRS for SMEs) in 2026

• Oct 25, 2026: Exam fee (ACCA Certificate in International Financial Reporting (CertIFR)) changed to £310 course + assessment (£230 for ACCA members) (previously £310 course + assessment (non-members); £230 for ACCA members).^[2]
• Oct 25, 2026: Retake fee (ACCA Certificate in International Financial Reporting (CertIFR)) changed to Assessment only: £200 (£150 for ACCA members) (previously Assessment only: £200 (non-members), £150 (ACCA members)).^[2]

IFRS for SMEs) content outline and where to practise each area

The content areas below are copied from the official IFRS for SMEs) content outline published by ACCA. The right-hand column shows which of our practice sets covers it.

Worked examples: how to reason through IFRS for SMEs) questions

These are practice questions written for this site, not questions from the real exam. Each explanation shows why the right answer is right and why the others are wrong.

Example 1

Question: What does the statement of changes in equity report?

1. Changes in equity, including retained earnings and dividends
2. Only the net income for the period
3. Only cash transactions related to equity
4. Financial liabilities of the business

Answer: A. Changes in equity, including retained earnings and dividends

Explanation:

The correct answer is that the statement of changes in equity reports changes in equity, including retained earnings and dividends. It reconciles the opening and closing balance of each component of equity, so profit or loss, other comprehensive income, dividends and owner contributions all appear in it.

The option about only net income is wrong because profit is just one movement among several. The option about only cash transactions is wrong because the statement is not on a cash basis; the cash flow statement covers cash. The option about financial liabilities is wrong because liabilities belong in the statement of financial position.

Rule to remember: this statement explains how the owners' stake moved between two dates.

Example 2

Question: Under IFRS for SMEs, if share options are granted with no vesting conditions (immediately vested), the expense is recognized:

1. Immediately on the grant date
2. Over an assumed vesting period of one year
3. When options are exercised
4. Deferred until the expiry of the option

Answer: A. Immediately on the grant date

Explanation:

The correct answer is that the expense is recognised immediately on the grant date. When options vest immediately, the counterparty is treated as having already provided the service, so there is nothing left to spread over time.

Spreading the cost over an assumed vesting period is wrong because no period is assumed when there are no vesting conditions. Recognising the cost when options are exercised is wrong because exercise is a later event that affects equity and cash, not the timing of the expense. Deferring the cost until the option expires is wrong for the same reason, since expiry has no bearing on when the service was received.

Rule to remember: the expense follows when the service is received, and with immediate vesting that is the grant date.

Example 3

Question: What is the purpose of notes to financial statements?

1. To explain accounting methods, assumptions, and estimates
2. To summarize revenue transactions
3. To replace the cash flow statement
4. To reduce the number of financial reports required

Answer: A. To explain accounting methods, assumptions, and estimates

Explanation:

The correct answer is that notes explain accounting methods, assumptions and estimates. They add context to the figures in the primary statements, including the accounting policies chosen, significant judgments and sources of estimation uncertainty.

Summarising revenue transactions is wrong because that is a job for the income statement and, where needed, a revenue disclosure, not the purpose of notes as a whole. Replacing the cash flow statement is wrong because notes support the primary statements and never substitute for one. Reducing the number of reports is wrong because required statements stay required whatever the notes say.

Rule to remember: the primary statements give the numbers, and the notes explain how those numbers were produced.

How to use these practice tests

Start with ACCA's own learning material for the certificate so you know the content areas and the style of the assessment. Then use the table above to match each area to a practice set.

Take a set cold, without notes, and read the explanation for every question, including the ones you got right. Write down the rule behind each miss in a single line, in your own words. Return to those lines before your next session and retry the set that produced them.

Give extra time to the areas that feel abstract: groups and goodwill, financial instruments, and the link between recognition and disclosure. Work through the questions on the notes and the statement of changes in equity as well, because they test definitions that cost easy marks when ignored.

Before you book, run a few sets in a row under the 1 hour limit, aiming for the pace of 25 questions. Confirm the current fee and format on the ACCA site, since our questions are practice material written by us and are not real exam items.

Sources & last verified

1. ACCA — number of questions, time limit (official source). “one hour online exam which consists of 25 multiple choice questions” Verified Oct 25, 2026 · source checked Oct 18, 2026.
2. ACCA — exam fee, retake fee, delivery (official source). “The course materials and assessment for the Certificate in IFRS are available together for £310” Verified Oct 25, 2026 · source checked Oct 18, 2026.
3. ACCA — exam fee (official source). “The course materials and assessment for the Certificate are available together for £235 or separately at a cost of £130 each.” Verified Oct 25, 2026 · source checked Oct 18, 2026.
4. ACCA — other (official source). “accounting for assets impairments and grants” Verified Oct 28, 2026.

How we verify: editorial & fact-checking policy. Report an error: contact us.