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IFRS for SMEs) Study Guide 2026

Everything you need to pass the IFRS for SMEs) exam in one place: the exam format, every topic to study, real practice questions with explanations, flashcards, and full-length practice tests. Free, no sign-up needed.

📋 IFRS for SMEs) Exam Format at a Glance

40
Questions
75 min
Time Limit
50.00%
Passing Score
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📚 IFRS for SMEs) Topics to Study (23)

IFRS for SMEs Business Combinations and Goodwill · 7 cardsIFRS for SMEs Business Combinations and Goodwill · 7 cardsIFRS for SMEs Business Combinations and Goodwill · 7 cardsIFRS for SMEs Disclosure Requirements · 6 cardsIFRS for SMEs Financial Statement Presentation · 6 cardsIFRS for SMEs Framework and Scope · 6 cardsIFRS for SMEs Consolidation and Groups · 6 cardsIFRS for SMEs Employee Benefits and Share-Based Payment · 6 cardsIFRS for SMEs Employee Benefits and Share-Based Payment · 6 cardsIFRS for SMEs Employee Benefits and Share-Based Payment · 6 cardsIFRS for SMEs Financial Instruments · 6 cardsIFRS for SMEs Income Taxes and Deferred Tax · 6 cardsIFRS for SMEs Income Taxes and Deferred Tax · 6 cardsIFRS for SMEs Income Taxes and Deferred Tax · 6 cardsIFRS for SMEs Inventory and Cost · 6 cardsIFRS for SMEs Inventory and Cost · 6 cardsIFRS for SMEs Inventory and Cost · 6 cardsIFRS for SMEs Leases and Service Concessions · 6 cardsIFRS for SMEs Leases and Service Concessions · 6 cardsIFRS for SMEs Leases and Service Concessions · 6 cardsIFRS for SMEs Property and Impairment · 6 cardsIFRS for SMEs Revenue and Expenses · 6 cardsIFRS for SMEs Recognition and Measurement · 6 cards

✍️ Sample IFRS for SMEs) Questions & Answers

1. Under IFRS for SMEs Section 19, the cost of a business combination includes directly attributable acquisition costs (e.g., legal fees). How does this differ from full IFRS (IFRS 3)?
✓ IFRS for SMEs capitalizes acquisition costs; full IFRS expenses them

IFRS for SMEs includes directly attributable acquisition costs in the cost of the combination, whereas full IFRS 3 requires these costs to be expensed as incurred.

2. How should a non-controlling interest be presented in consolidated financial statements?
✓ Within equity, separately from the parent's equity

Non-controlling interests are presented in the consolidated statement of financial position within equity, separately from the equity of the parent, showing the portion of net assets attributable to minority shareholders.

3. What are the criteria for determining control of a subsidiary under IFRS for SMEs?
✓ Power to govern the financial and operating policies of an entity to obtain benefits from its activities

Control exists when the parent has power to govern the financial and operating policies of an entity to obtain benefits, which is presumed when the parent owns more than half the voting power but can exist through other means.

4. An SME has unused tax losses. Under IFRS for SMEs, a deferred tax asset for those losses is recognized when:
✓ It is probable that future taxable profits will be available against which the losses can be utilized

A deferred tax asset for unused tax losses is recognized only when it is probable that sufficient future taxable profit will be available to absorb the losses.

5. How should employee benefits such as short-term compensated absences be recognized?
✓ As a liability when the employee has rendered service in exchange for the benefit

Short-term compensated absences (vacation, sick leave) should be recognized as a liability and expense when employees render service that increases their entitlement, not when they actually take the time off.

6. Which acquisition would be classified as a business combination under IFRS for SMEs Section 19?
✓ Acquisition of an entity through a share exchange where the acquired entity is a business

IFRS for SMEs Section 19 applies when an acquirer obtains control of a business; a share exchange acquiring a business entity qualifies.

🎯 Free IFRS for SMEs) Practice Tests

IFRS for SMEs Business Combinations and Goodwill · 7 questionsIFRS for SMEs Business Combinations and Goodwill · 7 questionsIFRS for SMEs Business Combinations and Goodwill · 7 questionsIFRS for SMEs Disclosure Requirements · 6 questionsIFRS for SMEs Framework and Scope · 6 questionsIFRS for SMEs Inventory and Cost · 6 questionsIFRS for SMEs Income Taxes and Deferred Tax · 6 questionsIFRS for SMEs Income Taxes and Deferred Tax · 6 questionsIFRS for SMEs Financial Statement Presentation · 6 questionsIFRS for SMEs Recognition and Measurement · 6 questions

📖 IFRS for SMEs) Guides & Articles

Your IFRS for SMEs) Study Path
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