The IASB finalised its technical discussions under the comprehensive review of the IFRS for SMEs at its June 2013 meeting. At its meeting on 23 July 2013 the IASB considered an Agenda Paper prepared by the staff summarising the steps that the IASB has taken during the comprehensive review, the main decisions made by the IASB on the amendments to the IFRS for SMEs and an initial effect analysis of those decisions. At the meeting the IASB gave permission for the staff to begin the process of balloting the Exposure Draft.

The IASB expects to publish an Exposure Draft of proposed amendments to the IFRS for SMEs for public comment in late September/early October 2013.

To access the Agenda Papers and a recording of the meeting, please click here (see Agenda Paper 8 for the July IASB meeting). A summary of the decisions made at the meeting are available in the July 2013 IASB Update.

In August the Malaysian Accounting Standards Board (MASB) issued Exposure Draft 77 Malaysian Private Entities Financial Reporting Standard (MPERS) for public comment.

The MPERS is closely aligned with the IFRS for SMEs. Apart from specifying the applicability of the Standard in the scope section, the requirements for income tax and real estate, and the inclusion of an additional criterion on the exemption to present consolidated financial statements, the MPERS is based word-for-word on the IFRS for SMEs.

The MASB is proposing that all private entities would be required to apply a single financial reporting framework on 1 January 2016. Private entities are non-public interest entities, such as non-listed companies. More information is available on the MASB website.

During August 2013 the IFRS Foundation held a three-day workshop in Sri Lanka, South Asia, to train the trainers on the IFRS for SMEs. The event was sponsored by the Confederation of Asian and Pacific Accountants (CAPA), the South Asian Federation of Accountants (SAFA) and the Institute of Chartered Accountants of Sri Lanka, with funding from the Asian Development Bank (ADB). Instructors were Darrel Scott (Chairman, SME Implementation Group and IASB member) and Michael Wells (Director, IFRS Education Initiative, IASB). The 100 participants came from Sri Lanka, Bhutan, Bangladesh, Fiji and the Maldives.

More information about past workshops, including free downloads of the Microsoft PowerPoint® slides used in the workshops, can be found here.

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: Afrikaans, Georgian, Kyrgyz and Turkmen.

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

• The Standard online (available in multiple languages)
• The Standard in hard copy
• Information about the SME Implementation Group
• Information about the Request for Information: Comprehensive Review of the IFRS for SMEs
• Information about guidance for micro-sized entities applying the IFRS for SMEs
• Q & As
• 'Train the trainers' workshops and presentation slides
• Training materials in PDF format
• IASB and staff presentations about the IFRS for SMEs
• Past copies of the IFRS for SMEs Update

Go to the top of this page