IFRS for SMEs Update
From the IFRS Foundation

Issue 2014-04, April 2014
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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Update on selection process of membership of the SME Implementation Group

The Trustees of the IFRS Foundation reviewed the IASB’s appointments of new members of the SME Implementation Group at their April meeting. Letters have now been sent out to all new applicants.

We expect to announce the new members on our website in May, once the successful applicants confirm their acceptance of appointment to the SMEIG.

More information about the SMEIG can be accessed here.

Dominican Republic adopts IFRS for SMEs effective 1 July 2014

From 1 July 2014 the IFRS for SMEs in its entirety will be required for all large and medium-sized unlisted companies in the Dominican Republic. Prior to 2014, in the process of gradually implementing the IFRS for SMEs, 13 of the 35 sections of the IFRS for SMEs were not mandatory.

More information about use of the IFRS for SMEs around the world can be accessed here.

Upcoming ‘train the trainers’ workshops

For more details, click here

Date: 10–12 June 2014
Location: Yerevan, Armenia
Instructors: Michael Wells (Director, IFRS Education Initiative, IASB) and Guillermo Braunbeck (Project Manager, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: World Bank’s Centre for Financial Reporting Reform (CFRR)—part of the Strengthening Auditing and Reporting in the Countries of the Eastern Partnership (STAREP) program.

Date: 30 June-1 July 2014
Location: Kuala Lumpur, Malaysia
Instructors: Darrel Scott (Chairman SME Implementation Group and IASB member) and Michael Wells (Director, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: Malaysian Accounting Standards Board (MASB) and the Malaysian Institute of Accountants (MIA).

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*, Bulgarian*, Chinese (simplified)*, Croatian*, Czech*, Estonian*, French*, German, Hebrew*, Italian*, Japanese*, Kazakh*, Khmer*, Lithuanian*, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish* and Ukrainian*.

In progress: Azeri, Georgian, 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).

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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