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The IFRS for SMEs Accounting Standard reflects five types of simplifications from full IFRS Accounting Standards:
- some topics in full IFRS Accounting Standards are omitted because they are not relevant to typical SMEs;
- some accounting policy options in full IFRS Accounting Standards are not allowed because a more simplified method is available to SMEs;
- many of the recognition and measurement principles that are in full IFRS Accounting Standards have been simplified;
- substantially fewer disclosures are required; and
- the text of full IFRS Accounting Standards has been redrafted in ‘plain English’ for easier understandability and translation.
The IFRS for SMEs Accounting Standard includes an option for entities to apply the recognition and measurement requirements of IAS 39 Financial Instruments: Recognition and Measurement. Read about the IFRS for SMEs Accounting Standard and IAS 39.
