The IFRS for SMEs is a self-contained standard of about 230 pages tailored for the needs and capabilities of smaller businesses. Many of the principles in full IFRSs for recognising and measuring assets, liabilities, income and expenses have been simplified, topics not relevant to SMEs have been omitted, and the number of required disclosures has been significantly reduced. To further reduce the reporting burden for SMEs revisions to the IFRS will be limited to once every three years.
Benefits
The IFRS for SMEs responds to strong international demand from both developed and emerging economies for a rigorous and common set of accounting standards for smaller and medium-sized businesses that is much simpler than full IFRSs. In particular, the IFRS for SMEs will:
:: provide improved comparability for users of accounts
:: enhance the overall confidence in the accounts of SMEs, and
:: reduce the significant costs involved of maintaining standards on a national basis.
Read more: http://www.iasb.org/News/Press+Releases/IASB+publishes+IFRS+for+SMEs.htm
www.ukba.co.uk
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