IFRS for Small & Medium Entities
- IFRS for SMEs — U.S. GAAP Comparison Wiki
- The AICPA is developing a resource that compares the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) with corresponding requirements of U.S. generally accepted accounting principles (U.S. GAAP). This resource is available in a Wiki format and you are invited to contribute to its development. To learn more about the resource, view available sections and contribute to its content, click here: Learn more.
- IFRS for Small and Medium-Sized Entities – Questions and Answers
- IFRS for SMEs is a modification and simplification of full IFRS aimed at meeting the needs of private company financial statement users and easing the financial reporting burden on private companies through a cost-benefit approach. Read questions and answers developed by the American Institute of Certified Public Accountants.
- IFRS for SMEs
- The International Financial Reporting Standard for Small and Medium-sized Entities is a self-contained standard of less than 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world. Access the standard, basis for conclusions, illustrative financial statements presentation and disclosure checklist at the IASB website. (IASB.org)
- March IFRS for SMEs Update published
- March 29, 2013 - The March 2013 IFRS for SMEs Update has been published. (IFRS.org)
- March 4, 2013
- February IFRS for SMEs Update published
- The February 2013 IFRS for SMEs Update has been published. (IFRS.org)
- January 30, 2013
- Trustees appoint Darrel Scott as Chairman of the SMEIG
- The IFRS Foundation Trustees have approved the appointment of IASB member Darrel Scott as Chairman of the SME Implementation Group (SMEIG), replacing Paul Pacter, whose term at the IASB ended on 31 December 2012. (IFRS.org)
- December 28, 2012
- December IFRS for SMEs Update published
- The December 2012 IFRS for SMEs Update has been published. (IFRS.org)
- December 27, 2012
- New IFRS for SMEs training module: Module 9 Consolidated and Separate Financial Statements
- The IFRS Foundation Education Initiative has posted online a new module of its training material on the IFRS for SMEs: Module 9 Consolidated and Separate Financial Statements. (IFRS.org)
- November, 2012
- November IFRS for SMEs Update published
- The November 2012 IFRS for SMEs Update has been published. (IFRS.org)
- September, 2012
- Dates for the first meeting of the SMEIG are confirmed
- The first meeting of the SME Implementation Group (SMEIG) will take place on Monday 4-Tuesday 5 February 2013 at the offices of the IASB, 30 Cannon Street, London. (IFRS.org)
- July, 2012
- IASB to develop IFRS guidance for ‘micro-sized entities’
- IASB will focus on extracting principles from IFRS for SMEs that are necessary for most micro-sized entities. The term “micro-sized entity” typically refers to entities with fewer than 10 employees.
- July/August 2012 IFRS for SMEs Update published
- The IFRS for SMEs Update, issue 2012-7, July/August 2012 has been published. (IFRS.org)
- Very Small Businesses to Receive IFRS Guidance from IASB
- The SME Implementation Group, a part of IASB, has announced its intention to help provide guidance on IFRS adoption to this class of businesses. (AccountingToday)
- December, 2011
- SME Implementation Group publishes two final Q&As
- The SME Implementation Group (SMEIG) today published two question and answer documents (Q&As) on the IFRS for SMEs:
Q&A 2011/02 Entities that typically have public accountability
Q&A 2011/03 Interpretation of 'traded in a public market' in applying the IFRS for SMEs (IFRS.org)
- July, 2011
- Small Public Company Financial Executives speak out at SEC Roundtable on IFRS
- At the SEC Roundtable on IFRS a group of CFOs and Financial Executives provided their views on transition to IFRS along with the pros and cons of various approaches. (CFO.com)
- June, 2011
- SME Implementation Group publishes its first Q&A guidance
- June 23, 2011 - The SME Implementation Group, responsible for assisting the International Accounting Standards Board (IASB) on matters related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), published today its first question and answer (Q&A) guidance on the IFRS for SMEs. (IFRS.org)
- March, 2011
- IFRS for SMEs Gains Momentum
- For those companies that are nowhere near the complexity and size of a blue-chip organization, the IFRS for Small and Medium sized Entities is an accepted accountancy practice with international backing that many see as the only simplified alternative to "full" general accepted accountancy practice. (CPA Insider)
- FASB Parent Creates Working Group on Private Company Reporting
- FASB's parent organization, the Financial Accounting Foundation (FAF), said Friday it is forming a working group to review the adequacy and effectiveness of FASB's efforts in setting standards for the private company and nonprofit sectors. (Journal of Accountancy)
- February, 2011
- SME Implementation Group publishes draft guidance for public comment
- February 24, 2011 - The SME Implementation Group, responsible for assisting the International Accounting Standards Board (IASB) on matters related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), published today for public comment its first draft guidance on the IFRS for SMEs in form of a question and answer document (Q&A). (IFRS.org)
- Standards Overseer to Consider Proposal for Private Company Financial Reporting
- FASB's parent organization, the Financial Accounting Foundation (FAF), this month is expected to discuss a report recommending a new standard-setting board to establish exceptions and modifications to U.S. GAAP for private companies. (Journal of Accountancy)
- January, 2011
- Report Recommends New Standard-Setting System, Board for Private Companies
- January 26, 2011 - A blue-ribbon panel on Wednesday submitted a report to FASB's parent organization—the Financial Accounting Foundation (FAF)—recommending significant changes to the future of accounting standard setting for private companies, including a separate standard-setting board. (Journal of Accountancy)
- December, 2010
- Blue-Ribbon Panel Addressing Standards for Private Companies to Propose a Separate Standards Board and GAAP with Exceptions
- December 10, 2010 - The blue-ribbon panel continued its discussion today of a potential new standard-setting board for private companies, reaffirming a consensus view reached in October that a separate private company standards board under the oversight of the Financial Accounting Foundation (FAF) be created. (AccountingFoundation.org)
- Panel Moves Forward With Recommendations for a Separate Private Company Financial Reporting Board
- December 10, 2010 – A more detailed outline of what would be a blue ribbon panel recommendation for a new private company accounting standard-setting board began to take shape Friday. (Journal of Accountancy)
- November, 2010
- Panel Poised to Recommend Separate Board, U.S. GAAP Exceptions for Private Companies
- November 24, 2010 - The blue-ribbon panel on private company financial reporting is poised to recommend that the Financial Accounting Foundation (FAF), FASB's parent organization, move to U.S. GAAP with exceptions for private companies and that those standards should be set not by FASB but by a separate board under FAF's oversight. (Journal of Accountancy)
- June, 2010
- PCFRC Releases Meeting Highlights, Differential Accounting for Private Companies Discussed
- At their April meeting, the Private Company Financial Reporting Committee (PCFRC) met with the Financial Accounting Standards Board (FASB). Issues discussed included nonpublic entity considerations in the standard setting process and prioritization of convergence projects. (PCFR.org)
- April, 2010
- Panel Meets to Discuss Private Company Financial Reporting
- Members of a blue-ribbon panel established to provide recommendations on the future of accounting standards for private companies met for the first time Monday to discuss their views on the topic, which has been debated for decades. (Journal of Accountancy)
- Video: Blue Ribbon Panel to Provide Recommendations on Private Company Financial Reporting
- April 12, 2010 – Arleen Thomas, AICPA Senior Vice President - Member Competency & Development discusses how accounting standards can best meet the needs of U.S. users of private company financial statements and the creation of the Blue Ribbon Panel to provide recommendations on the future of standard setting for private companies.
- March, 2010
- New IFRS for SMEs Update newsletter
- March 16, 2010 - The IASB today published the first issue of the IFRS for SMEs Update newsletter – a regular staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). (IASB.org)
- January, 2010
- Japan Council to be Established to Study Accounting Standards for Unlisted Companies
- Japan's IFRS Council, a private organization formed to facilitate IFRS implementation in Japan, has agreed to recommend establishment of a new council to consider accounting standards for unlisted companies, according to a news release on the Accounting Standards Board of Japan website.
- PCFRC Releases Meeting Highlights, Future of Private Company Reporting Discussed
- At their December meeting, the Private Company Financial Reporting Committee (PCFRC) met with the Financial Accounting Standards Board (FASB) and the Small Business Advisory Committee (SBAC). A number of important issues to private companies were discussed, including the future of financial reporting for nonpublic companies. (PCFR.org)
- IASC Foundation publishes free training material for IFRS for SMEs
- January 18, 2010 - The International Accounting Standards Committee Foundation (IASC Foundation) today published the first part of its comprehensive set of training materials for the IFRS for SMEs. (IASC Foundation)
- "Blue-Ribbon" Panel Formed to Address Standards for Private Companies
- December 17, 2009 - The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Foundation (FAF) announced the establishment of a "blue-ribbon panel" to address how U.S. accounting standards can best meet the needs of users of private company financial statements.
- December, 2009
- IFRS for SMEs: The Next Standard for U.S. Private Companies?
- IFRS for SMEs is a self-contained, standalone set of financial accounting and reporting standards. At approximately 230 pages, IFRS for SMEs is a simplified version of full IFRS. (Journal of Accountancy)
- November, 2009
- PCFRC Releases Meeting Highlights, Discussed Private Company Reporting
- At their October meeting, the Private Company Financial Reporting Committee (PCFRC) continued its discussion about private company reporting and has decided to issue a letter to the Financial Accounting Foundation (FAF) recommending that the FAF consider the issue of U.S. private company accounting in the context of the mission of the FASB. (PCFR.org)
- October, 2009
- Time to Consider Separate GAAP for U.S. Private Companies
- October 20, 2009 – Speaking at the AICPA's governing council meeting, Private Company Financial Reporting Committee Chair Judith O'Dell said, "Now is really the time to consider a separate GAAP." Accounting Today covers O'Dell's address. (WebCPA)
- Small Businesses Not Ready to Adopt IFRS for SME's
- According to a CFO.com article, small businesses are not rushing to adopt IFRS for Small and Medium-sized Entities. The article discusses the need for a "culture shift" before companies are ready to move away from the rules-based U.S. standards. Acceptance by U.S. lenders, creditors and investors will also be important to adoption gaining traction in this country.
- September, 2009
- PCFRC Releases Meeting Highlights, Discussed IFRS for SME's
- September 14, 2009 – At their August meeting, the Private Company Financial Reporting Committee (PCFRC) reviewed the IASB's IFRS for Small and Medium-sized Entities and discussed their impressions about the standard.
- August, 2009
- Private Company Group Looks at IFRS for SMEs
- The Private Company Financial Reporting Committee (PCFRC) reviewed the recently issued International Financial Reporting Standard for Small and Medium-sized Entities at its meeting. WebCPA reports on the meeting.
- UK GAAP Could Cease to Exist
- The Accounting Standards Board (ASB) released proposals for a three-tier system that would eventually replace UK GAAP, according to an Accountancy Age article. Public companies would use IFRS. Non-publicly accountable entities would use IFRS for SMEs and smaller organizations would use the ASB’s Financial Reporting Standard for Smaller Entities (FRSSE).
- July, 2009
- IFRS for SMEs
- The International Financial Reporting Standard for Small and Medium-sized Entities is a self-contained standard of less than 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world. Access the standard, basis for conclusions, illustrative financial statements presentation and disclosure checklist at the IASB website. (IASB.org)
- AICPA Business Brief – IASB Publishes IFRS for SMEs
- On July 9, 2009, The International Accounting Standards Board (IASB) issued an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The standard is a result of a five-year development process.
- Deloitte Survey Indicates Support for Separate Standards for Small and Mid-Sized Private Entities
- July 24, 2009 – Deloitte announces the results of a new survey. More than half (51%) of the respondents from small and mid-sized entities (under $1 billion in revenues) indicated that they believe there should be separate accounting standards for public and private companies.
- New Option for Private Companies in Streamlined IFRS
- The Journal of Accountancy writes about the International Accounting Standard Board’s recently released International Financial Reporting Standard for Small- and Medium-sized Entities.
- IASB Publishes IFRS for SMEs
- July 9, 2009 - The International Accounting Standards Board (IASB) issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs). The standard is a result of a five-year development process with extensive consultation of SMEs worldwide. (IASB.org)
- IFRS for Small and Medium-Sized Entities – Questions and Answers
- IFRS for SMEs is a modification and simplification of full IFRS aimed at meeting the needs of private company financial statement users and easing the financial reporting burden on private companies through a cost-benefit approach. Read questions and answers developed by the American Institute of Certified Public Accountants.
