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IFRS for SMEs
What is it?
IFRS for SMEs means the 'International Financial Reporting Standard for Small and Medium-sized Entities.' It is a substantially simplified set of internationally recognised accounting principles for SMEs all over the world. It was published by the International Accounting Standards Board (IASB) on 9 July 2009.
Who is it for?
Within the standard the term SMEs means entities that do not have public accountability. This will include the majority of privately held businesses. It could potentially include unlisted subsidiaries of listed multinationals. It is particularly important for businesses that operate internationally.
Why is it important?
The new standard offers an excellent opportunity to create a standardised accounting framework for SMEs throughout the world. Lenders and investors will have directly comparable financial statements that are authoritative and based on internationally recognised principles, regardless of the country of origin of the company. This could improve access to capital and help decision making on cross border deals as well as reducing the administrative burden on privately held businesses. It is about one tenth of the length of full IFRS and the number of potential disclosure items will be nearer to 300 than the current 3,000.
When and how will it affect my business?
It depends where you are based. Some countries, like South Africa, adopted the standard in its draft form so are effectively already using it. Over the coming months, regulators in individual countries will consider the new standard, consult locally and decide whether and when IFRS for SMEs should be used in their jurisdiction. If IFRS for SMEs is adopted in your country, there will be new terminology and accounting techniques to learn and changes to make to your existing accounting software.
What can I do now?
Make sure your voice is heard in any local consultation exercise. Your local Grant Thornton contact will be able to tell you how.
How can I find out more?
The Grant Thornton International IFRS team has published a special edition of IFRS News on IFRS for SMEs. Download this publication
Talk to your local Grant Thornton contact.
Visit the IFRS for SMEs section of the IASB website at http://go.iasb.org/SME
IFRS for SMEs means the 'International Financial Reporting Standard for Small and Medium-sized Entities.' It is a substantially simplified set of internationally recognised accounting principles for SMEs all over the world. It was published by the International Accounting Standards Board (IASB) on 9 July 2009.
Who is it for?
Within the standard the term SMEs means entities that do not have public accountability. This will include the majority of privately held businesses. It could potentially include unlisted subsidiaries of listed multinationals. It is particularly important for businesses that operate internationally.
Why is it important?
The new standard offers an excellent opportunity to create a standardised accounting framework for SMEs throughout the world. Lenders and investors will have directly comparable financial statements that are authoritative and based on internationally recognised principles, regardless of the country of origin of the company. This could improve access to capital and help decision making on cross border deals as well as reducing the administrative burden on privately held businesses. It is about one tenth of the length of full IFRS and the number of potential disclosure items will be nearer to 300 than the current 3,000.
When and how will it affect my business?
It depends where you are based. Some countries, like South Africa, adopted the standard in its draft form so are effectively already using it. Over the coming months, regulators in individual countries will consider the new standard, consult locally and decide whether and when IFRS for SMEs should be used in their jurisdiction. If IFRS for SMEs is adopted in your country, there will be new terminology and accounting techniques to learn and changes to make to your existing accounting software.
What can I do now?
Make sure your voice is heard in any local consultation exercise. Your local Grant Thornton contact will be able to tell you how.
How can I find out more?
The Grant Thornton International IFRS team has published a special edition of IFRS News on IFRS for SMEs. Download this publication
Talk to your local Grant Thornton contact.
Visit the IFRS for SMEs section of the IASB website at http://go.iasb.org/SME
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