IASB Issues Educational Module 34 on Specialised Activities under IFRS for SMEs

Posted 30 July 2026 Written by Acts Online
Category Financial and Accounting

Brought to you by SA Accounting Academy: The International Accounting Standards Board (‘IASB’) technical staff has published an educational module to support the application of Section 34 ( Specialised Activities ) of the third edition of the IFRS for SMEs Accounting Standard.

In terms of Section 1 (Small and Medium-sized Entities) of the IFRS for SMEs Accounting Standard, the framework applies to entities that publish general-purpose financial statements for external users and do not have public accountability. Module 34 forms part of the implementation guidance supporting the third edition of the Standard, which was issued by the IASB in February 2025.

The module provides detailed practical assistance on the accounting, measurement, and reporting requirements for small and medium-sized entities involved in specialized sectors, specifically covering:

  • Agriculture: Biological assets and agricultural produce at the point of harvest.
  • Extractive Activities: Accounting for exploration for and evaluation of mineral resources.
  • Service Concession Arrangements: Accounting treatment for private operators involved in public-to-private service concession arrangements.

The educational material includes comparative guidance against full IFRS Accounting Standards to assist preparers, auditors, and reviewers in identifying key differences in recognition, measurement, and financial statement presentation.

Click here to download the IFRS for SMEs Educational Module 34: Specialised Activities.

What this means for you, your business, or your clients

  • For yourself: Accounting professionals and independent reviewers handling entities in specialized sectors must review Module 34 to ensure correct application of valuation and reporting requirements under the third edition of the Standard.
  • For your business: Audit and accounting firms must update their technical checklists, compliance templates, and training materials for engagement teams servicing agricultural, extractive, or service concession entities.
  • For your clients: SME clients operating in farming, mining exploration, or public infrastructure concessions must review their existing accounting policies against Section 34 guidance ahead of their next audit or review cycle.

Originally published at https://accountingacademy.co.za/news/read/ifrs-for-smes-educational-module-34-specialised-activities

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