IFRS for SMEs Update
From the IFRS Foundation

Issue 2013-04 April 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
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IASB continues discussions on the comprehensive review of the

In 2012 the IASB issued a Request for Information (RFI): Comprehensive Review of the IFRS for SMEs. The objective of the RFI was to seek public views on whether there is a need to make any amendments to the IFRS for SMEs.

The IASB met on 23 April 2013 to continue to discuss the issues raised in the RFI. The following issues were discussed at this meeting:

  • Scope of the IFRS for SMEs
  • Consideration of new and revised IFRSs
  • Whether to permit complex accounting policy based on requirements in full IFRSs
  • Approach to accounting for income taxes
  • Requirements for estimating the useful life of goodwill and other intangible assets
  • Presentation of share subscription receivables
  • SME Implementation Group Q "&" As.

To access the agenda papers and a recording of the meeting, please click here. A summary of the decisions made at the meeting are available in the April 2013 IASB Update.

New English-language training module: Module 19 Business
Combinations and Goodwill

The IFRS Foundation Education Initiative has completed a new module of its training material on the IFRS for SMEs: Module 19 Business Combinations and Goodwill. This module will be posted online shortly. All available modules can be downloaded here in PDF format.

Module 19 covers Section 19, Business Combinations and Goodwill, of the IFRS for SMEs which applies to accounting for business combinations. Section 19 provides guidance on identifying the acquirer, measuring the cost of the business combination, and allocating that cost to the assets acquired and liabilities and provisions for contingent liabilities assumed. It also addresses accounting for goodwill both at the time of a business combination and subsequently.

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 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).

Upcoming ‘train the trainers’ workshops

For more details, click here.

Date: 29–31 May 2013
Location: Livingstone, Zambia
Instructors: Darrel Scott (Chairman SME Implementation Group and IASB member) and Guillermo Braunbeck (Project Manager, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: Pan African Federation of Accountants (PAFA) and Zambian Institute of Chartered Accountants (ZICA) with funding from the World Bank

South Asia
Date: 19-21 August 2013
Location: Colombo, Sri Lanka
Instructors: Darrel Scott and Michael Wells (Director, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: the Confederation of Asian and Pacific Accountants (CAPA) and the Institute of Chartered Accountants of Sri Lanka.

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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