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IFRS for small and medium-sized entities


At its September 2003 meeting, the IASB decided that it should develop accounting standards appropriate for small and medium-sized entities (SMEs) and that development of IASB SME standards should start by extracting the fundamental concepts from the IASB Framework and the principles and related mandatory guidance from IFRSs and related Interpretations.

Any modifications to these concepts or principles would be based on the identified needs of users of SME financial statements. In the initial stages of the project, the Board felt that it was likely that disclosure and presentation modifications will be justified based on user needs, but there would be a rebuttable presumption that no modifications would be made to the recognition and measurement principles in IFRSs.


Current status of the project

This project has been completed. The IASB issued International Financial Reporting Standard for Small and Medium-sized Entities on 9 July 2009.


Project milestones

24 June 2004 Discussion Paper Preliminary Views on Accounting Standards for Small and Medium-sized Entities published Comment deadline 24 September 2004
5 April 2005 Staff Questionnaire Possible Recognition and Measurement Modifications for Small and Medium-sized Entities (SMEs) published Comment deadline 31 May 2005
15 February 2007 Exposure Draft Proposed IFRS for Small and Medium-sized Entities published Comment deadline 1 October 2007 30 November 2007
(Various translations were also subsequently published)
9 July 2009 IFRS for Small and Medium-sized Entities issued Effective immediately on issue (subject to jurisdictional adoption)

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.