IFRS FOR SMEs [UPDATED 1 JUNE 2009]

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Latest revision: 1 June 2009

International Accounting Standards Board

International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)
Project Updates are provided for the information and convenience of constituents who wish to follow the IASB's deliberations. All conclusions reported are tentative and may be changed at future IASB meetings. Decisions become final only after completion of a formal ballot to issue an International Financial Reporting Standard, Interpretation, or Exposure Draft.

Introduction

This project report is structured as follows:
     Objective Next Steps Background and Tentative Decisions to Date Project History Contact information

Objective
1. The objective of this project is to develop an International Financial Reporting Standard (IFRS) expressly designed to meet the financial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose financial statements for external users. Examples of such external users include owners who are not involved in managing the business, existing and potential creditors, and credit rating agencies. 2. An entity has public accountability if:  it files, or it is in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market; or it holds assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension fund, mutual fund or investment banking entity.

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3. In February 2007, the IASB published an Exposure Draft (ED) of a proposed IFRS for SMEs. Comment deadline was 30 November 2007. The Board received 162 letters of comment on the ED.
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