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to meet the needs and capabilities of small and medium-sized entities (SMEs),
which are estimated to account for over 95 per cent of all companies around the
world.
Compared with full IFRS (and many national GAAPs), the IFRS for SMEs is less
complex in a number of ways:
Topics not relevant for SMEs are omitted; for example earnings per share,
interim financial reporting and segment reporting.
Many principles for recognising and measuring assets, liabilities, income and
expenses in full IFRS are simplified. For example, amortise goodwill; recognise all
borrowing and development costs as expenses; cost model for associates and
jointly-controlled entities; and undue cost or effort exemptions for specific
requirements.
To further reduce the burden for SMEs, revisions are expected to be limited to
once every three years.
The Standard is available for any jurisdiction to adopt, whether or not it has adopted full
IFRS. Each jurisdiction must determine which entities should use the Standard. The
IASB's only restriction is that entities that have public accountability should not use it.
Initial comprehensive review
In May 2015, the IASB completed a comprehensive review of the IFRS for SMEs and
made limited amendments to the Standard. The amendments can be found here. A
complete revised version of the IFRS for SMEs was issued in December 2015. Click the
banner on the right hand side to purchase the updated review. The Standard is also
available for free download here.
More information about the comprehensive review project is available here.
Implementation support:
To assist in implementation, the IFRS Foundation and the IASB have taken a number of
steps:
Newsletterwe publish a free monthly newsletter, IFRS for SMEs Update, with
the latest news about the IFRS for SMEs, including the work of the IASB and the
SMEIG, adoptions, translations and other resources. Access the IFRS for SMEs
Updates.
Presentationssome presentations about the IFRS for SMEs available for free
download. Access the IFRS for SMEs presentations.