IFRS for SMEs Update
From the IFRS Foundation

Issue 2015-02, February 2015
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 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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Darrel Scott reappointed as IASB member

In February 2015, the Trustees of the IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), announced that Darrel Scott has been reappointed as an IASB member for a second term. Mr Scott commenced his first term on the IASB in October 2010 and currently serves as the Chairman of the SME Implementation Group, a role he will continue to hold during his second term. Mr Scott’s second term is effective from 1 July 2015 and will last three years.

Click here for the press release.

IASB meeting on future reviews of the IFRS for SMEs

At its February 2015 meeting the IASB met to discuss the procedures surrounding future reviews of the IFRS for SMEs. The IASB tentatively decided that:
  1. comprehensive reviews of the IFRS for SMEs should commence approximately two years after the effective date of amendments to the IFRS for SMEs resulting from a previous comprehensive review. Comprehensive reviews should generally begin with the issuance of a Request for Information.
  2. between comprehensive reviews, the IASB, with input from the SME Implementation Group, would consider whether there is a need for an interim review to address any new and revised IFRSs not yet incorporated or urgent amendments.
  3. this process would mean that amendments to the IFRS for SMEs would be no more frequent than approximately once every three years.
Click here for the agenda papers and a recording of that meeting.

IFRS for SMEs ‘train the trainers’ workshop in Abu Dhabi

On 12 February 2015 the IFRS Foundation held a one day workshop in Abu Dhabi, UAE, to train the trainers on the IFRS for SMEs. The IFRS Foundation instructor was Michael Wells (Director, IFRS Education Initiative, IASB) and the event was sponsored by The International Arab Society of Certified Accountants (IASCA) in cooperation with UAE Accountants & Auditors Association. The 159 participants came from 12 countries—UAE, Algeria, Bahrain, Egypt, Jordan, Lebanon, Oman, Palestine, Qatar, Saudi Arabia, Sudan and Yemen.

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

Upcoming ‘train the trainers’ workshop

For more details, click here.

Date: 13 October 2015
Location: Hong Kong
Instructors include: Darrel Scott (IASB member and Chairman of the IASB’s SME Implementation Group) and Michael Wells
Language: English
Sponsoring organisations: Hong Kong Institute of Certified Public Accountants (HKICPA)

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*, Georgian, German, Hebrew*, Italian*, Japanese*, Kazakh*, Khmer*, Lithuanian*, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish* and Ukrainian*.

In progress: Azeri 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).

Where to obtain IFRS for SMEs materials
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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