IFRS for SMEs Update
From the IFRS Foundation

Issue 2012-11, December 2012
 
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.


Content



Contact us

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

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

Paul Pacter
IASB Board Member and Chairman of SME Implementation Group
ppacter@ifrs.org

Michelle Fisher
Senior Technical Manager—IFRS for SMEs
mfisher@ifrs.org

Training material, conferences, and workshops:
Michael Wells
Director, IFRS Education Initiative
mwells@ifrs.org

Copyright and translation issues:
Nicole Johnson
Content Services Principal
njohnson@ifrs.org
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News about adoptions of the IFRS for SMEs: Switzerland and Colombia

Switzerland has adopted the IFRS for SMEs as an allowed financial reporting framework for all Swiss companies other than those with public accountability, effective 1 January 2013. Swiss SMEs may also choose full IFRSs, US GAAP, or Swiss GAAP. The IFRS for SMEs was adopted through a Regulation titled Verordnung ├╝ber die anerkannten Standards zur Rechnungslegung (Regulation of Recognised Accounting Standards) enacted by the Swiss Federal Council in December 2012.

Colombia will require the IFRS for SMEs for a large group of companies starting in 2016, with the date of transition being 1 January 2015. Pursuant to Law 1314/2009, the IFRS for SMEs will be required for all companies whose securities are not publicly traded other than:

  • Micro sized entities (for which a separate Standard is being developed), and
  • large companies whose parent or subsidiaries report under full IFRSs and major exporters or importers (who must use full IFRS starting 2015).
The micro entities may also elect to use the IFRS for SMEs. The Instituto Nacional de Contadores Publicos de Colombia has begun a comprehensive programme for training accountants throughout Colombia in the IFRS for SMEs.

New English-language training module: Module 9 Consolidated and Separate Financial Statements

The IFRS Foundation Education Initiative has posted online a new module of its training material on the IFRS for SMEs: Module 9 Consolidated and Separate Financial Statements.

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 financial statements and combined financial statements.

Arabic-language translation of Module 34 Specialised Activities

An Arabic-language translation of Module 34 Specialised Activities is now available. Module 34 covers Section 34 of the IFRS for SMEs, Specialised Activities, which establishes the requirements for SMEs involved in agriculture, extractive activities, and service concessions. In total, 31 Arabic-language modules are available for download from the IFRS Foundation website and they can be accessed here.

The IFRS Foundation is grateful to the Arab Society of Certified Accountants (ASCA) Jordan for facilitating and funding the translation of the training material.

IFRS for SMEs translations: status report

Here is the current status of translations of the IFRS for SMEs 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* and Turkish*.

In process: Ukrainian.

Under discussion with the IFRS Foundation: Georgian.

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

Where to obtain IFRS for SMEs materials
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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.
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