April 2019 IFRS for SMEs Update

The IFRS for SMEs Standard Update is a quarterly staff summary of news, events and other information about the IFRS for SMEs Standard and related SME activities. The staff summary has not been reviewed by the International Accounting Standards Board (Board). 

• IFRS for SMEs Standard modules completed
• IFRS for SMEs Standard—comprehensive review
• IFRS for SMEs Standard translations—status report

IFRS for SMEs Standard support modules completed

The IFRS Foundation has completed its suite of 35 stand-alone modules designed to provide support to those producing or using financial statements prepared in accordance with the IFRS for SMEs Standard. 

Each module covers one section of the IFRS for SMEs Standard and includes:

• requirements—the full text of the section of the IFRS for SMEs Standard with added notes and examples. The notes and examples are designed to illustrate how to apply the requirements.
• significant estimates and judgements—a discussion of the significant estimates and judgements likely to be made in accounting for transactions and events when applying the section of the IFRS for SMEs Standard.
• comparison with full IFRS Standards—a summary of the main differences between the section of the IFRS for SMEs Standard and the corresponding full IFRS Standard.
• test your knowledge—multiple-choice questions with answers designed to test your knowledge of the requirements of the section of the IFRS for SMEs Standard.
• apply your knowledge—case studies, with solutions, designed to develop your ability to apply the section of the IFRS for SMEs Standard.

The new modules are proving very popular—already the website has been visited nearly 25,000 times. Access the modules here.

IFRS for SMEs Standard—comprehensive review

The Board has commenced its 2019 Comprehensive Review of the IFRS for SMEs Standard.

The first phase of the review is to develop a request for information (RFI). 

The staff have proposed that the RFI seek views on whether and how to align the IFRS for SMEs Standard with new and amended IFRS Standards. Based on feedback on the RFI, the Board will consider whether to develop an exposure draft of amendments to the IFRS for SMEs Standard.

Over the review period staff will occasionally publish additional editions of this newsletter to ensure that subscribers are kept up to date with the Board’s tentative decisions about the project.

IFRS for SMEs Standard translations

The following translations of the 2015 IFRS for SMEs Standard are available and have been approved by the IFRS Foundation:

Albanian, Arabic, Armenian, Bosnian, Georgian, Japanese, Kazakh, Mongolian, Portuguese and Spanish.

The following translations of the 2009 IFRS for SMEs Standard are available and have been approved by the IFRS Foundation:

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.

The translations are available for free download here (for translations marked with an * please visit our IFRS Foundation shop for details on how to purchase a print copy).