The new IFRS for SMEs (Third Edition) – Section 2: Concepts and Pervasive Principles

  • Presenter: Anton van Wyk CA(SA)
  • Level: Advanced
  • Study time: 2 Hours
  • Date: 5 March 2026
    08:00 - 10:00 
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Course overview
The third edition of the IFRS for SMEs, released by the IASB in 2025, introduces important updates to Section 2: Concepts and Pervasive Principles, aligning the standard more closely with the IFRS Conceptual Framework (2018) while remaining appropriate for SMEs. These changes directly influence how transactions are recognised, measured, presented, and disclosed across the financial statements. This webinar is essential for practitioners who apply IFRS for SMEs in practice, as a solid understanding of the revised concepts is critical for consistent judgement and interpretation throughout the IFRS for SMEs.

The session will unpack:
 the updated objectives of financial statements,
 qualitative characteristics of useful information,
 revised definitions of assets and liabilities,
 recognition and measurement principles, and
 the role of substance over form and prudence.
By exploring Section 2 in depth, attendees will gain clarity on how the revised conceptual foundation affects day-to-day accounting decisions and the application of other sections of the IFRS for SMEs. This webinar is particularly relevant for accountants, auditors, and advisors who want to ensure technical accuracy, professional judgement, and compliance under the updated standard.

In completing this learning engagement, you will have developed the following professional competencies indicated in the green section below:

What's included?

  • 1 Live event
  • 1 Quiz
  • 1 Certificate

New IFRS for SMEs Concepts and Pervasive Principles

Link with SAICA Competency Framework

  • Competencies covered in Technical competencies group, Enabling and future competency group and Professional values and attitudes competencies group