IFRS for SMEs

The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) was issued by the IASB in 2009.

It is a self-contained standard tailored to meet the needs and capabilities of smaller businesses. While it is based on full IFRS, many of the principles for recognizing and measuring assets, liabilities, income and expenses have been simplified. There are also far fewer disclosures compared to full IFRS - around 300, compared to the 3,000 or so in full IFRS. The full text of the IFRS for SMEs is available free of charge from the IASB website at www.ifrs.org.