IFRS for SMEs Update
From the IFRS Foundation

Issue 2013-02 February 2013
Welcome to the IFRS for SMEs Update

The IASB's IFRS for SMEs Update is a staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). All issues of the IFRS for SMEs Update are available in both HTML and PDF format on the IASB's website. To subscribe use the link on the right.


Contact us

If you have news about IFRS for SMEs activities in your jurisdiction please contact Darrel Scott and Michelle Fisher (details below)

Content of the IFRS for SMEs, implementation and adoption issues:

Darrel Scott
IASB Board Member and Chairman of SME Implementation Group

Michelle Fisher
Senior Technical Manager—IFRS for SMEs

Training material, conferences, and workshops:
Michael Wells
Director, IFRS Education Initiative

Copyright and translation issues:
Nicole Johnson
Content Services Principal
Subscribe to the IFRS for SMEs Update

Are you interested in being kept up to date about the IFRS for SMEs?

New? Register here
Manage your alerts here

SMEIG meeting February 2013— recording of the meeting available

The SME Implementation Group (SMEIG) met at the IASB’s office in London on 4–5 February 2013 to consider the responses to the June 2012 Request for Information Comprehensive Review of the IFRS for SMEs and to develop their recommendations to the IASB on possible amendments to the IFRS for SMEs. The recording of this meeting is available online here.

A report containing the recommendations of the SMEIG will be provided to the IASB when it begins its deliberations on the amendments to the IFRS for SMEs. The IASB staff have prepared a first draft of the SMEIG report based on the discussions at the meeting. This draft is currently being reviewed by SMEIG members. Once the report has been approved by the SMEIG it will be posted on the IASB website.

IFRS transition plan in Saudi Arabia

The Saudi Organization for Certified Public Accountants (SOCPA) has approved an IFRS transition plan by which listed entities, other than banks and insurance companies, in Saudi Arabia would be required to report under national standards that are closely converged with full IFRSs. Currently SMEs in Saudi Arabia use accounting standards that are issued by SOCPA. Under the SOCPA IFRS transition plan, non-publicly accountable entities would be required to report under the IFRS for SMEs as adopted in Saudi Arabia. A specific date for the adoption of the IFRS for SMEs has not yet been established.

Spanish-language translation of Module 9 Consolidated and Separate Financial Statements

A Spanish-language translation of Module 9 Consolidated and Separate Financial Statements is now available. Module 9 covers Section 9 of the IFRS for SMEs, Consolidated and Separate Financial Statements, which defines the circumstances in which an entity presents consolidated financial statements and the procedures for preparing those statements. It also includes guidance on separate and combined financial statements.

In total, 32 Spanish modules are now available for download from the IFRS Foundation website and they can be accessed here.

IFRS for SMEs translations: status report

Here is the current status of the IFRS for SMEs translations that have been approved by the IFRS Foundation:

Completed: Albanian,* Arabic, Armenian,* Bosnian,* Chinese (simplified),* Croatian,* Czech,* Estonian,* French,* German, Hebrew,* Italian,* Japanese,* Kazakh,* Khmer,* Lithuanian,* Macedonian,* Mongolian,* Polish,* Portuguese,* Romanian,* Russian,* Serbian, Spanish,* Turkish* and Ukrainian.*

Under discussion with the IFRS Foundation: Georgian.

*Available for free download here (for translations not marked with an * please see our webshop for details on how to purchase a hard copy).

Where to obtain IFRS for SMEs materials
Go to the top of this page

Disclaimer: The content of this Update does not represent the views of the IASB or the IFRS Foundation and is not an official endorsement of any of the information provided. The information published in this newsletter originates from various sources and is accurate to the best of our knowledge.
Copyright © IFRS Foundation
You are receiving this email because the email [%CUST_EMAIL%] was subscribed to our email list. If at any time you no longer wish
to receive these alerts please unsubscribe. To understand how we store and process your data, please read our privacy policy.