2015 edition of the IFRS for SMEs
On 21 May the International Accounting Standards Board (IASB) issued limited amendments to the IFRS for SMEs. The document containing the amendments only included those paragraphs/subparagraphs of the IFRS for SMEs that have been updated by the amendments.
In October 2015 the IFRS Foundation finished preparing the 2015 IFRS for SMEs (Bound Volume), including a complete 2015 edition of the IFRS for SMEs (a version with the 2015 amendments incorporated that has also been subject to a full editorial review). This will be available shortly for purchase from our online shop and the 2015 Standard will be made available for free download on our SME webpages.
Other useful links:
- 2015 Amendments to the IFRS for SMEs can be found here.
- the Project Summary and Feedback Statement can be found here.
- background information on the comprehensive review can be found here.
New English-language training module: Module 12 Other Financial Instruments Issues
Since the IFRS for SMEs was issued in 2009, the IFRS Foundation Education Initiative has been developing comprehensive free-to-download training material to support the implementation of the IFRS for SMEs. The training material is available in five languages. The training material can be downloaded here in PDF format.
In October the IFRS Foundation issued Module 12 Other Financial Instruments Issues. Module 12 covers Section 12 Other Financial Instruments Issues of the IFRS for SMEs which specifies the accounting for other, more complex financial instruments and transactions that are not covered by Section 11 Basic Financial Instruments.
The education staff are now updating the complete suite of 35 training modules (one for each Section of the IFRS for SMEs) to reflect 2015 Amendments to the IFRS for SMEs. Those amendments become effective on 1 January 2017 with early application permitted.
IFRS for SMEs ‘train the trainers’ workshop in Hong Kong
On 13 October 2015 the IFRS Foundation held a one-day workshop in Hong Kong, to train the trainers on the IFRS for SMEs. The instructors were Darrel Scott (Chairman of the SMEIG and IASB member), Michael Wells (Director, IFRS Education Initiative, IASB) and Fanny Hsiang (Director, Head of Technical & Training Department, BDO and member of the IASB’s SME Implementation Group). The event was sponsored by the Hong Kong Institute of Certified Public Accountants (HKICPA). The 48 participants came mainly from Hong Kong.
More information about past and upcoming workshops, including free downloads of the Microsoft PowerPoint® slides used in the workshops, can be found here.
Upcoming joint IFRS Foundation and INCP IFRS Conference in Colombia
On 23 and 24 November 2015 a two-day conference is being held in Cartagena, Colombia, that focusses mainly on the implementation plans for new IFRS Standards. The conference also includes several sessions focussed on implementation of the IFRS for SMEs, which are designed to support the Colombian adoption of the IFRS for SMEs.
Effective 2016, the IFRS for SMEs will be required for all companies in Colombia whose securities are not publicly traded other than:
- micro sized entities (for which a separate standard is being developed); and
- large companies whose parent or subsidiaries report under full IFRS (who must use full IFRS starting 2015).
More information on the conference can be found on the IFRS Foundation here or on the website of the Instituto Nacional de Contadores Públicos (INCP).
Spanish translation of 2015 Amendments to the IFRS for SMEs
IFRS for SMEs translations: status report
A Japanese version of 2015 Amendments to the IFRS for SMEs is currently being developed.
Here is the current status of the 2009 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 online shop for details on how to purchase a hard copy).
Where to obtain IFRS for SMEs materials
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