IFRS for SMEs
E453763
International Financial Reporting Standard
accounting standard
financial reporting framework
simplified IFRS framework
IFRS for SMEs is a simplified set of international financial reporting standards designed specifically to meet the needs and capabilities of small and medium-sized entities.
All labels observed (2)
| Label | Occurrences |
|---|---|
| IFRS for SMEs canonical | 1 |
| IFRS for SMEs Standard | 1 |
Statements (49)
| Predicate | Object |
|---|---|
| instanceOf |
International Financial Reporting Standard
ⓘ
accounting standard ⓘ financial reporting framework ⓘ simplified IFRS framework ⓘ |
| abbreviation | IFRS for SMEs NERFINISHED ⓘ |
| adoption | optional for jurisdictions that choose to permit or require it ⓘ |
| appliesTo |
consolidated financial statements of groups of qualifying entities
ⓘ
separate financial statements of qualifying entities ⓘ |
| basedOn | full IFRS ⓘ |
| benefit |
enhances comparability of SME financial statements across jurisdictions
ⓘ
lowers cost of preparing financial statements for SMEs ⓘ reduces complexity of financial reporting for SMEs ⓘ |
| characteristic |
organized by sections rather than individual standards
ⓘ
reduced disclosure requirements compared with full IFRS ⓘ simplified recognition and measurement requirements compared with full IFRS ⓘ |
| contains | simplified disclosure checklist for SMEs ⓘ |
| designedFor | entities without public accountability ⓘ |
| developedBy | International Accounting Standards Board NERFINISHED ⓘ |
| distinguishedFrom |
full IFRS
NERFINISHED
ⓘ
local GAAP frameworks for SMEs ⓘ |
| excludes |
financial institutions with public accountability
ⓘ
publicly traded entities ⓘ |
| focus | information needs of lenders, creditors and other users not in a position to demand tailored reports ⓘ |
| fullName | International Financial Reporting Standard for Small and Medium-sized Entities NERFINISHED ⓘ |
| governedBy | IFRS Foundation NERFINISHED ⓘ |
| includes |
requirements for accounting policies, estimates and errors
ⓘ
requirements for business combinations and goodwill ⓘ requirements for employee benefits ⓘ requirements for financial instruments ⓘ requirements for income taxes ⓘ requirements for intangible assets ⓘ requirements for leases ⓘ requirements for presentation of financial statements ⓘ requirements for property, plant and equipment ⓘ requirements for provisions and contingencies ⓘ requirements for related party disclosures ⓘ requirements for revenue recognition ⓘ |
| issuedBy | International Accounting Standards Board NERFINISHED ⓘ |
| language | issued in English and translated into multiple languages ⓘ |
| legalStatus | subject to endorsement or adoption by national standard-setters or regulators ⓘ |
| objective | to provide high quality, understandable and enforceable global accounting standards for SMEs ⓘ |
| purpose |
to provide a simplified financial reporting framework for small and medium-sized entities
ⓘ
to reduce reporting burden for small and medium-sized entities compared with full IFRS ⓘ |
| regulatoryContext | part of the IFRS family of standards ⓘ |
| scope | general purpose financial statements of small and medium-sized entities ⓘ |
| targetUser |
non-publicly accountable entities
ⓘ
small and medium-sized entities ⓘ |
| updatePolicy | updated periodically but less frequently than full IFRS ⓘ |
| userGroup | owners and creditors of small and medium-sized entities ⓘ |
Referenced by (2)
Full triples — surface form annotated when it differs from this entity's canonical label.