IFRS for SMEs

The International Accounting Standards Board has published International Financial Reporting Standards for Small and Medium-sized Entities as a stand-alone document that:

• omits topics in IFRS that are not relevant to SMEs;

• allows the easier option when IFRS permit accounting policy choices;

• simplifies many principles for the recognition and measurement of assets, liabilities, income and expenses; and

• requires significantly fewer disclosures.