(IFRS) for Small and Medium-sized Entities (SMEs)
(IFRS) for Small and Medium-sized Entities (SMEs)
(IFRS) for Small and Medium-sized Entities (SMEs)
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<strong>IFRS</strong> FOR SMES – JULY 2009interim financial reportinterim periodInternational FinancialReporting St<strong>and</strong>ards(<strong>IFRS</strong>s)A financial report containing either a complete set of financialstatements or a set of condensed financial statements <strong>for</strong> aninterim period.A financial reporting period shorter than a full financial year.St<strong>and</strong>ards <strong>and</strong> Interpretations adopted by the InternationalAccounting St<strong>and</strong>ards Board (IASB). They comprise:(a)International Financial Reporting St<strong>and</strong>ards;(b)(c)International Accounting St<strong>and</strong>ards; <strong>and</strong>Interpretations developed by the International FinancialReporting Interpretations Committee (IFRIC) or the<strong>for</strong>mer St<strong>and</strong>ing Interpretations Committee (SIC).intrinsic valueinventoriesThe difference between the fair value of the shares to which thecounterparty has the (conditional or unconditional) right tosubscribe or which it has the right to receive, <strong>and</strong> the price(if any) the counterparty is (or will be) required to pay <strong>for</strong> thoseshares. For example, a share option with an exercise price ofCU15, on a share with a fair value of CU20, has an intrinsic valueof CU5.Assets:(a)(b)(c)held <strong>for</strong> sale in the ordinary course of business;in the process of production <strong>for</strong> such sale; orin the <strong>for</strong>m of materials or supplies to be consumed inthe production process or in the rendering of services.investing activitiesinvestment propertyThe acquisition <strong>and</strong> disposal of long-term assets <strong>and</strong> otherinvestments not included in cash equivalents.Property (l<strong>and</strong> or a building, or part of a building, or both) heldby the owner or by the lessee under a finance lease to earnrentals or <strong>for</strong> capital appreciation or both, rather than <strong>for</strong>:(a)(b)use in the production or supply of goods or services or <strong>for</strong>administrative purposes, orsale in the ordinary course of business.joint controlThe contractually agreed sharing of control over an economicactivity. It exists only when the strategic financial <strong>and</strong>operating decisions relating to the activity require theunanimous consent of the parties sharing control (theventurers).© IASCF 219
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