IFRS for SMEs adopted in another three countries

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10 Dec 2010

The IFRS for SMEs, the first set of international accounting requirements developed specifically for small and medium-sized entities, has been adopted in three countries in Central and South America.

The IFRS for SMEs, the first set of international accounting requirements developed specifically for small and medium-sized entities, has been adopted in three countries in Central and South America.

Chile Chile. The Chilean Government has agreed to require the IFRS for SMEs for all entities that are not publicly accountable starting in 2013. Formal announcement of the details will be published shortly. Click here to visit our Chile country page.
Guatemala Guatemala. The Guatemalan Institute of Public Accountants and Auditors has approved the adoption of the IFRS for SMEs for fiscal years beginning on or after of 1 January 2011. Click here to visit our Guatemala country page.
Venezuela Venezuela. The Federation of Certified Public Accountants of Venezuela has approved the adoption of the IFRS for SMEs for fiscal years beginning on or after of 1 January 2011. Early adoption is permitted from 2010. Large unlisted companies that, since 2008, have been required to use full IFRSs may switch to the IFRS for SMEs or keep their financial statements under full IFRSs. Click here to visit our Venezuela country page.

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