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What are IFRS for SMEs?

What are IFRS for SMEs?. When can we apply those?

asked Dec 20, 2012 in IFRS for SMEs by anonymous
retagged Feb 16, 2013 by Visio

1 Answer

0 votes
The IFRS for SMEs is a self-contained standard of 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world.

Compared with full IFRSs (and many national GAAPs), the IFRS for SMEs is less complex in a number of ways; to read more about how complexity was reduced,click here

The standard is available for any jurisdiction to adopt, whether or not it has adopted full IFRSs. Each jurisdiction must determine which entities should use the standard. The IASB's only restriction is that listed companies and financial institutions should not use it.

Source: http://www.ifrs.org/ifrs-for-smes/Pages/ifrs-for-smes.aspx
answered Feb 9, 2013 by AnaY Level 2 Member (3,240 points)