News about adoptions of the IFRS for SMEs: Switzerland and Colombia
New English-language training module: Module 9 Consolidated and Separate Financial Statements
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 über 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
Arabic-language translation of Module 34 Specialised Activities
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.
IFRS for SMEs translations: status report
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.
Where to obtain IFRS for SMEs materials
Here is the current status of translations of the IFRS for SMEs approved by the IFRS Foundation:
: 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*.
Under discussion with the IFRS Foundation
*Available for free download here (for translations not marked with a * please see our webshop for details of how to purchase a hard copy)
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