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IFRS for SMEs

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<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />

Small and Medium-sized Entities (<strong>SMEs</strong>) are a vital component in the economy of any country. <strong>SMEs</strong><br />

have been recognized as the backbone of any economy. Over the years, <strong>SMEs</strong> have gained wide<br />

recognition as a major source of employment, new business creations, income generation, poverty<br />

alleviation, regional development and value addition. Thus, by virtue of its dynamism it contributes to<br />

the growth of all other sectors.<br />

Why do we need the <strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />

• High quality globally accepted financial reporting standard – carefully applied – benefits many<br />

stakeholders:<br />

- In<strong>for</strong>mation is understandable<br />

- Reduces compliance costs<br />

- Owners / Capital providers have confidence<br />

- Removes uncertainties that affect their cost of capital<br />

• Improve consistency in audit quality<br />

• The <strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong> is a completely stand-alone <strong>IFRS</strong> tailored <strong>for</strong> <strong>SMEs</strong>, which are estimated to<br />

account <strong>for</strong> over 95 per cent of all companies around the world. It is much smaller and simplified<br />

from full <strong>IFRS</strong>s.<br />

Workshop Objectives:<br />

To develop the capacity of regional trainers to provide subsequent training on the <strong>IFRS</strong> <strong>for</strong><br />

<strong>SMEs</strong> in their own jurisdiction, i.e. to equip pre-existing local financial reporting trainers in the<br />

use of the <strong>IFRS</strong> Foundation training material, particularly within developing and emerging<br />

economies.<br />

To engage with other stakeholders (legislators/regulators) to promote adoption and high<br />

quality implementation of the Standard<br />

To provide a <strong>for</strong>um <strong>for</strong> interaction between trainers, <strong>for</strong> the sharing of experience<br />

and the discussion of common issues in relation to the <strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong>.<br />

The workshop and subsequent local roll-out of similar training will assist to establish internationally<br />

accepted financial reporting standards and thus increase confidence in financial reporting and the<br />

benefits that brings to those economies that adopt the Standard.<br />

01<br />

<strong>IFRS</strong> <strong>for</strong> <strong>SMEs</strong><br />

Train the Trainer Workshop

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