(IFRS) for Small and Medium-sized Entities (SMEs)

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IFRS FOR SMES – JULY 20091.6 A subsidiary whose parent uses full IFRSs, or that is part of a consolidated groupthat uses full IFRSs, is not prohibited from using this IFRS in its own financialstatements if that subsidiary by itself does not have public accountability. If itsfinancial statements are described as conforming to the IFRS for SMEs, it mustcomply with all of the provisions of this IFRS.© IASCF 11
IFRS FOR SMES – JULY 2009Section 2Concepts and Pervasive PrinciplesScope of this section2.1 This section describes the objective of financial statements of small andmedium-sized entities (SMEs) and the qualities that make the information in thefinancial statements of SMEs useful. It also sets out the concepts and basicprinciples underlying the financial statements of SMEs.Objective of financial statements of small and medium-sizedentities2.2 The objective of financial statements of a small or medium-sized entity is toprovide information about the financial position, performance and cash flows ofthe entity that is useful for economic decision-making by a broad range of userswho are not in a position to demand reports tailored to meet their particularinformation needs.2.3 Financial statements also show the results of the stewardship of management—the accountability of management for the resources entrusted to it.Qualitative characteristics of information in financial statementsUnderstandability2.4 The information provided in financial statements should be presented in a waythat makes it comprehensible by users who have a reasonable knowledge ofbusiness and economic activities and accounting and a willingness to study theinformation with reasonable diligence. However, the need for understandabilitydoes not allow relevant information to be omitted on the grounds that it may betoo difficult for some users to understand.Relevance2.5 The information provided in financial statements must be relevant to thedecision-making needs of users. Information has the quality of relevance when itis capable of influencing the economic decisions of users by helping themevaluate past, present or future events or confirming, or correcting, their pastevaluations.12 © IASCF
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