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About
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 is written in ‘plain English’, so it is easier to understand and translate.
The Standard was updated in February 2025, with the new edition effective for periods beginning on or after 1 January 2027. Entities can choose to adopt the new edition early or continue to apply the previous edition, issued in 2015, until the effective date. Supporting materials for the 2015 edition remain available.
We will add supporting materials relating to the 2025 IFRS for SMEs Accounting Standard during 2025 and 2026.
