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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