Professional Documents
Culture Documents
Worldwide adoption
The IFRS for SMEs is available for any jurisdiction
to adopt, whether or not it has adopted full IFRS
Standards. Each jurisdiction must determine
which entities are permitted or required to use
the Standard. The Boards only restriction is that
entities that have public accountability should
not use it.
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Facts
Most of the companies in the world (over 95
per cent) are eligible to use the IFRS for SMEs.
The 52 largest stock exchanges in the world
together have only 46,000 listed companies.
In contrast:
Europe has approximately 21 million private
sector enterprises.
The United States has approximately 28
million private sector enterprises.
The United Kingdom has approximately 5.5
million private sector enterprises, of which
95 per cent have fewer than 10 employees.
In Brazil, over 6 million companies are
required to use the IFRS for SMEs.
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Easier to apply
Compared with full IFRS Standards and many
national requirements, the IFRS for SMEs is less
complex in a number of ways.
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Future reviews
The following is the Boards tentative plan for
future reviews:
A comprehensive review starting two years
after amendments to the IFRS for SMEs from a
previous comprehensive review become effective
(which is likely to result in one comprehensive
review every six years). Comprehensive reviews
would begin with the issuance of a Request for
Information to identify implementation issues.
Between comprehensive reviews, the Board
would decide whether there is a need for an
interim review to consider recent changes to full
IFRS Standards or to address any urgent issues.
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In requiring or permitting the IFRS for SMEs, 70 of the 78 jurisdictions have made no modifications.
6 |
SMEs may choose the IFRS for SMEs or full IFRS Standards
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SMEs may choose the IFRS for SMEs, full IFRS Standards or local GAAP for SMEs
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SMEs may choose the IFRS for SMEs or local GAAP for SMEs
SMEs not required to use full IFRS are required to use the IFRS for SMEs
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A monthly newsletter
The staff publish a monthly newsletter, the IFRS
for SMEs Update, with the latest news about the
Standard. A typical issue might include activities
by the Board or the SMEIG; upcoming workshops;
newly posted training material and presentations;
new translations; adoptions of the IFRS for SMEs;
and hyperlinks to the IFRS for SMEs materials.
You can register to receive the newsletter here:
http://www.ifrs.org/IFRS-for-SMEs/Pages/Update.aspx.
Online resources
IFRS for SMEs webpages:
http://www.ifrs.org/IFRS+for+SMEs/IFRS+for+SMEs.htm
IFRS for SMEs (full Standard in English and translations):
http://go.ifrs.org/IFRSforSMEs
Training material (one module for each section, multiple languages):
http://go.ifrs.org/smetraining
PowerPoint training modules and curriculum (in multiple languages):
http://go.ifrs.org/trainingppts
Monthly newsletter:
http://go.ifrs.org/smeupdate
SME Implementation Group:
http://go.ifrs.org/smeig
Implementation issues and Q&As:
http://www.ifrs.org/IFRS-for-SMEs/Pages/QAsSMEs.aspx
XBRL (eXtensible Business Reporting Language) representation of the IFRS for SMEs:
http://www.ifrs.org/XBRL/IFRS+Taxonomy/IFRS+Taxonomy.htm
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IAS
International Financial Reporting Standards
IFRIC
IFRS Foundation
SIC
IFRS
IASB
Contact the IFRS Foundation for details of countries where its Trade Marks are in use and/or have been registered.
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