IFRS for SMEs Update
From the IFRS Foundation

Issue 2013-01, January 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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IFRS Foundation Trustees appoint Darrel Scott as Chairman of the SMEIG

The IFRS Foundation Trustees have approved the appointment of IASB Member Darrel Scott as Chairman of the SME Implementation Group (SMEIG) replacing Paul Pacter, whose term at the IASB ended on 31 December 2012.

The IFRS Foundation Trustees also approved changes to the Terms of Reference and Operating Procedures for the SME Implementation Group to reflect the Trustees’ decisions in October 2012 to expand the SMEIG to approximately 30 members and to provide for staggered expirations of members’ terms, effective 1 July 2014. More information about the SMEIG is available here.

SMEIG meeting February 2013—agenda papers available

The agenda papers for the SMEIG meeting are now available online here.

The SMEIG will meet at the IASB’s office in London on 4 and 5 February 2013 to consider responses to the June 2012 Request for Information Comprehensive Review of the IFRS for SMEs and to develop recommendations to the IASB on possible amendments to the IFRS for SMEs.

The agenda papers for the meeting contain IASB staff summaries of the comments received on the Request for Information Comprehensive Review of the IFRS for SMEs.

IFRS for SMEs translations: status report

The Ukrainian translation of the IFRS for SMEs has now been completed and is available for free download.

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* Turkish* and 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).

Updated English-language training modules

The IFRS Foundation Education Initiative has updated the 32 published modules of its training material on the IFRS for SMEs, primarily to include reference to all of the questions and answers (Q & As) issued by the SMEIG. All of the 32 modules are available for free download here.

To complete the series, the Education Initiative expects to post the three outstanding modules on the IFRS website in the next few months. Once they are published there will be one module for each section of the IFRS for SMEs.

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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