IFRS for SMEs 'goes live'

  • IFRS for SMEs (mid blue) Image

03 Sep 2009

We have posted an article by Paul Pacter, the IASB's Director of Standards for SMEs (who is also webmaster of IAS Plus) about the new IFRS for SMEs.

The article, titled IFRS for Most Private Companies Goes Live (PDF 726k), was published in Financial Executive magazine September 2009 issue. The article discusses why the IASB took the project on, benefits of the new standard, the kinds of simplifications of full IFRSs that are reflected in the SME standard, and issues in transitioning from an SME's existing GAAP to the IFRS for SMEs.

"With the issuance of IFRS for SMEs, IASB has eased the complexity of financial statements for thousands of companies worldwide – as well as for those who use those financial statements to make credit, lending and investment decisions."

The article is copyright by Financial Executives International, and we have posted it on IAS Plus with their kind permission.


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