IFRS for Small and Medium-Sized Entities

Financial reporting - International Financial Reporting Standards (IFRS) - Small and Medium-sized Entities (SMEs).

(IFRS for SMEs).

International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs) are a simplification of the full IFRS.

The simplifications of the full IFRS are designed to reflect:

• The needs of users of SMEs' financial statements and
• Cost-benefit considerations.

The simplifications for SMEs include:

• Where full IFRSs allow accounting policy choices, the IFRS for SMEs makes the easier option mandatory
• Many of the principles for recognising and measuring assets, liabilities, income and expenses in full IFRSs are simplified.
• Significantly fewer disclosures required.

(Source - Deloitte)

See also

• Disclosure
• Financial reporting
• Financial statements
• Generally accepted accounting principles (GAAP)
• International Financial Reporting Standards (IFRS)
• Small and Medium-sized Enterprises (SMEs)
• US GAAP

Other resource

• Deloitte - International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs)