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

• IASB continues discussions on the comprehensive review of the IFRS for SMEs
• IFRS for SMEs translations: status report
• IFRS for SMEs ‘train the trainers’ workshop in Zambia
• Upcoming ‘train the trainers’ workshops
• Where to obtain IFRS for SMEs materials

The IASB met on 21 May 2013 to continue to discuss the issues raised in the IASB’s 2012 Request for Information: Comprehensive Review of the IFRS for SMEs. The following issues were discussed at this meeting:

• Consideration of new and revised IFRSs issued since the IFRS for SMEs was published, including annual improvements; and
• Additional issues raised by respondents, including:
  • including guidance on applying the ‘undue cost or effort’ exemption;
  • clarifying the accounting requirements for entities involved in extractive activities;
  • adding an ‘undue cost or effort’ exemption to the requirement to recognise intangible assets separately in a; business combination;
  • adding an ‘undue cost or effort’ exemption from measurement of investments in equity instruments at fair value; and
  • clarifying a number of other requirements in the IFRS for SMEs.

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 May 2013 IASB Update.

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, 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).

During May 2013 the IFRS Foundation held a three-day workshop in Zambia, Africa, to train the trainers on the IFRS for SMEs. The event was sponsored by the Pan African Federation of Accountants (PAFA) and the Zambian Institute of Chartered Accountants (ZICA) with funding from the World Bank. Instructors were Darrel Scott (Chairman SME Implementation Group and IASB member) and Guillermo Braunbeck (Project Manager, IFRS Education Initiative, IASB). The 48 participants came mainly from South Africa, Botswana, Lesotho, Kenya, Uganda, Zambia, Nigeria, Malawi and Mauritius.

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

For more details, click here.

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.