What is the International Financial Reporting Standard for Small- and Medium-Sized Entities (“IFRS for SMEs”)?
IFRS for SMEs is a modification and simplification of full IFRS aimed at meeting the needs of private company financial reporting users and easing the financial reporting burden on private companies through a cost-benefit approach. IFRS for SMEs is a self-contained global accounting and financial reporting standard applicable to the general-purpose financial statements of, and other financial reporting by, entities that in many countries are known as small- and medium-sized entities. Full IFRS and IFRS for SMEs are promulgated by the International Accounting Standards Board (“IASB”).
