The IFRS issued a press release on July 9th announcing the issuance of IFRS standards for small and medium size entities, referred to as SME’s. SME’s represent 95% of all businesses. This release comes after 5 years of significant work.
These standards are available for free on the IASB website and are comprised of 230 pages especially tailored for smaller businesses which have not yet entered public capital markets (which require full IFRS standard adoption).
Some benefits:
1. Allows improved comparability for users of accounts
2. Enhances the overall confidence in the accounts of SME’s
3. Reduces the significant cost involved of maintaining standards on a national basis.
Compared to full IFRS standards, SME standards:
1. Are simplified.
2. Disclosures are reduced.
3. Topics not relevant to SME’s have been removed.
These standards are available for free on the IASB website and are comprised of 230 pages especially tailored for smaller businesses which have not yet entered public capital markets (which require full IFRS standard adoption).
Some benefits:
1. Allows improved comparability for users of accounts
2. Enhances the overall confidence in the accounts of SME’s
3. Reduces the significant cost involved of maintaining standards on a national basis.
Compared to full IFRS standards, SME standards:
1. Are simplified.
2. Disclosures are reduced.
3. Topics not relevant to SME’s have been removed.
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