IFRS for SMEs Update
From the IFRS Foundation

Issue 2010-9, December 2010
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.


Spanish training PowerPoints are available

We have posted a complete set of Spanish language PowerPoint presentations used in a recent IFRS for SMEs train the trainers workshop in Panama. The 20 PowerPoints were used in a three-day workshop involving 24 classroom hours. They may be downloaded without charge and used in your own IFRS for SMEs training programmes.

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Contact us

Content of the IFRS for SMEs, implementation and adoption issues:

Paul Pacter
IASB Board Member and Chairman of SME Implementation Group

Michelle Fisher
Practice Fellow – IFRS for SMEs

Training material, conferences, and workshops:
Michael Wells
Director, IFRS Education Initiative

Copyright and translation issues:
Ken Creighton
Director of IFRS Content Services
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Brazilian Portuguese translation published

The IFRS Foundation has published the Brazilian Portuguese translation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS para PMEs). It is available for free download on our translations page.

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Upcoming train the trainers workshops in Kazakhstan, Singapore, and Caribbean

The IASB and IFRS Foundation are conducting workshops to 'train the trainers' on the IFRS for SMEs. Most workshops are three days duration, eight contact hours per day. Upcoming workshops will be held in Kazakhstan, Singapore and St. Kitts (Caribbean). Several others are in the planning stage for 2011


Date 11–13 January 2011
Location Astana, Republic of Kazakhstan
Instructors Michael Wells and Andrei Bursuioc (Financial Management Specialist, CFRR, World Bank)
Languages English and Russian (simultaneous translation)
Sponsoring Organisation The World Bank together with the Ministry of Finance Kazakhstan. Click here for more information about the World Bank's Joint Economic Research Program (JERP) for Kazakhstan.


Date 24–26 January 2011
Location Singapore
Instructors Michael Wells and Paul Pacter
Language English
Sponsoring Organisation Accounting Standards Council (ASC) and the Institute of Certified Public Accountants of Singapore (ICPAS) as its strategic partner. For more information about the workshop click here.
Concurrent Public Seminar. Concurrently with the 3-day Train the Trainers workshop the ASC plans to hold a half-day public seminar in Singapore on the IFRS for SMEs. The seminar will be held on 26 January 2011, from 2:00pm to 6:00pm at the Suntec International Convention and Exhibition Centre, Meeting Rooms 303 & 304 (Address: 7 Raffles Avenue, Singapore 039 593). For more information click here.


Date 16–20 May 2011
Location St Kitts
Instructors Mary Barth, Robert Garnett, and Michael Wells
Language English
Sponsoring Organisation The Eastern Caribbean Central Bank with the support of a World Bank-financed project

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News about adoptions of the IFRS for SMEs

Bahamas. The Council of the Bahamas Institute of Chartered Accountants (the regulatory body for the accounting profession in the Bahamas) has adopted the IFRS for SMEs as an option for all companies in Bahamas that do not have public accountability. Alternatively, the companies may choose to use full IFRSs.

Peru. By Resolution No. 045 ‐2010 ‐EF‐94 (25 November 2010), the Peruvian Accounting Standards Council (Consejo Normativo de Contabilidad) has adopted the IFRS for SMEs starting 1 January 2012. It must be applied by all Peruvian companies except those whose securities are publicly traded, banks, and large unlisted companies.

Nepal. The Institute of Chartered Accountants of Nepal has proposed to adopt the IFRS for SMEs effective 1 July 2011.

Zimbabwe. The Zimbabwe Accounting Practices Board, which is the national standards setting body, and the Public Accountants and Auditors Board, which is the regulatory board for the accounting profession in Zimbabwe, have formally adopted the IFRS for SMEs as the second accounting reporting framework for use in the country, by eligible entities, with effect from 1 January 2011.

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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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