The Association of Chartered Certified Accountants (ACCA) has said it introduced a new certificate programme to support finance professionals in understanding the International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs)

A statement from the professional body, said the programme named 'CertIFR' would ensure finance professionals understand the details of the IFRS.

The IFRS for SMEs has been adopted in many countries and its use is spreading.

"It would be essential for many finance professionals - especially those working for SMEs, to understand this standard that will be used by the millions of companies within its scope.

"This IFRS has significant disclosure reductions to the full IFRS for larger companies, and different accounting treatments for items such as goodwill. 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 ACCA said.

On his part, Director, Learning, ACCA, 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."