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Vol 22 No 7 July/August 2017

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International Financial Reporting Standard® (IFRS®) for Small and Medium-sized Entities (SMEs): IFRS for SMEs® 2015

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ISBN13: 9781911040071
Published: December 2015
Publisher: IFRS Foundation
Country of Publication: UK
Format: Paperback
Price: POA

International Financial Reporting Standard® (IFRS®) for Small and Medium-sized Entities (SMEs): IFRS for SMEs® 2015 (Bound Volume) incorporating the May 2015 amendments to the IFRS for SMEs.

This is the only official printed edition of the IASB’s International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) that incorporates and is updated by 2015 Amendments to the IFRS for SMEs (effective for annual reporting periods beginning on or after 1 January 2017 with early application permitted).

The IFRS for SMEs has simplifications that reflect the needs of users of SMEs’ financial statements and cost-benefit considerations. Compared with full IFRS, it is less complex in a number of ways:

  • topics that are not relevant for SMEs are omitted;
  • many of the principles for recognising and measuring assets, liabilities, income and expenses in full IFRS are simplified;
  • significantly fewer disclosures are required;
  • the IFRS for SMEs has been written in clear, easily translatable language; and
  • to further reduce the burden for SMEs, revisions are not expected to be made more frequently than once every three years.
It is intended for entities that do not have public accountability as defined in the IFRS for SMEs.

This edition is presented in two volumes, Part A (the requirements) containing the IFRS for SMEs Standard and Derivation Table, and Part B containing the accompanying documents such as, Basis for Conclusions and Implementation Guidance.

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