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

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IFRS FOR SMES – JULY 2009CONTENTSpageINTRODUCTIONINTERNATIONAL FINANCIAL REPORTING STANDARDFOR SMALL AND MEDIUM-SIZED ENTITIES (IFRS for SMEs)PREFACE 6Section1 SMALL AND MEDIUM-SIZED ENTITIES 102 CONCEPTS AND PERVASIVE PRINCIPLES 123 FINANCIAL STATEMENT PRESENTATION 224 STATEMENT OF FINANCIAL POSITION 275 STATEMENT OF COMPREHENSIVE INCOME AND INCOME STATEMENT 316 STATEMENT OF CHANGES IN EQUITY AND STATEMENT OF INCOMEAND RETAINED EARNINGS 347 STATEMENT OF CASH FLOWS 368 NOTES TO THE FINANCIAL STATEMENTS 419 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS 4310 ACCOUNTING POLICIES, ESTIMATES AND ERRORS 4911 BASIC FINANCIAL INSTRUMENTS 5412 OTHER FINANCIAL INSTRUMENTS ISSUES 6913 INVENTORIES 7614 INVESTMENTS IN ASSOCIATES 8115 INVESTMENTS IN JOINT VENTURES 8516 INVESTMENT PROPERTY 8917 PROPERTY, PLANT AND EQUIPMENT 9218 INTANGIBLE ASSETS OTHER THAN GOODWILL 9819 BUSINESS COMBINATIONS AND GOODWILL 10420 LEASES 11021 PROVISIONS AND CONTINGENCIES 118Appendix—Guidance on recognising and measuring provisions22 LIABILITIES AND EQUITY 127Appendix—Example of the issuer’s accounting for convertible debt23 REVENUE 135Appendix—Examples of revenue recognition under the principles inSection 2324 GOVERNMENT GRANTS 14925 BORROWING COSTS 15126 SHARE-BASED PAYMENT 15227 IMPAIRMENT OF ASSETS 158© IASCF 3
IFRS FOR SMES – JULY 200928 EMPLOYEE BENEFITS 16629 INCOME TAX 17730 FOREIGN CURRENCY TRANSLATION 18431 HYPERINFLATION 19032 EVENTS AFTER THE END OF THE REPORTING PERIOD 19333 RELATED PARTY DISCLOSURES 19634 SPECIALISED ACTIVITIES 20035 TRANSITION TO THE IFRS FOR SMES 204GLOSSARY 209DERIVATION TABLE 229APPROVAL BY THE BOARD OF THE IFRS FOR SMEs ISSUED JULY 2009 231BASIS FOR CONCLUSIONS see separate bookletILLUSTRATIVE FINANCIAL STATEMENTS AND PRESENTATION ANDDISCLOSURE CHECKLIST see separate booklet4 © IASCF
Page 1 and 2: 2009International Accounting Standa
Page 3: The International Financial Reporti
Page 7 and 8: IFRS FOR SMES - JULY 2009Preface to
Page 9 and 10: IFRS FOR SMES - JULY 2009P12Tax law
Page 11 and 12: IFRS FOR SMES - JULY 2009Internatio
Page 13 and 14: IFRS FOR SMES - JULY 2009Section 2C
Page 15 and 16: IFRS FOR SMES - JULY 2009conditions
Page 17 and 18: IFRS FOR SMES - JULY 2009Performanc
Page 19 and 20: IFRS FOR SMES - JULY 20092.34 Two c
Page 21 and 22: IFRS FOR SMES - JULY 2009Measuremen
Page 23 and 24: IFRS FOR SMES - JULY 2009Section 3F
Page 25 and 26: IFRS FOR SMES - JULY 2009(b)(c)the
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Page 29 and 30: IFRS FOR SMES - JULY 2009Current/no
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Page 33 and 34: IFRS FOR SMES - JULY 20095.5 As a m
Page 35 and 36: IFRS FOR SMES - JULY 2009Section 6S
Page 37 and 38: IFRS FOR SMES - JULY 2009Section 7S
Page 39 and 40: IFRS FOR SMES - JULY 2009(e)cash pa
Page 41 and 42: IFRS FOR SMES - JULY 2009Income tax
Page 43 and 44: IFRS FOR SMES - JULY 2009(b)the oth
Page 45 and 46: IFRS FOR SMES - JULY 2009(c)(d)powe
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Page 49 and 50: IFRS FOR SMES - JULY 2009Disclosure
Page 51 and 52: IFRS FOR SMES - JULY 2009Consistenc
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IFRS FOR SMES - JULY 2009Section 11
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IFRS FOR SMES - JULY 2009(b)(c)a de
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IFRS FOR SMES - JULY 2009business t
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IFRS FOR SMES - JULY 2009(b)the int
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IFRS FOR SMES - JULY 2009national o
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IFRS FOR SMES - JULY 2009(b)the pro
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IFRS FOR SMES - JULY 2009Derecognit
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IFRS FOR SMES - JULY 2009(c)whether
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IFRS FOR SMES - JULY 2009(e)(f)fina
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IFRS FOR SMES - JULY 2009(b) the he
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IFRS FOR SMES - JULY 2009the entity
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IFRS FOR SMES - JULY 2009Joint prod
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IFRS FOR SMES - JULY 2009Recognitio
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IFRS FOR SMES - JULY 200914.6 The i
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IFRS FOR SMES - JULY 2009Financial
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IFRS FOR SMES - JULY 200915.7 In re
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IFRS FOR SMES - JULY 2009(b)(c)(d)t
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IFRS FOR SMES - JULY 200916.6 The i
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IFRS FOR SMES - JULY 2009(c)(d)(e)c
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IFRS FOR SMES - JULY 2009Impairment
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IFRS FOR SMES - JULY 2009Internally
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IFRS FOR SMES - JULY 2009Recoverabi
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IFRS FOR SMES - JULY 2009Allocating
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IFRS FOR SMES - JULY 2009(b)An enti
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IFRS FOR SMES - JULY 200920.10 The
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IFRS FOR SMES - JULY 2009Financial
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IFRS FOR SMES - JULY 2009lessor var
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IFRS FOR SMES - JULY 2009Subsequent
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IFRS FOR SMES - JULY 2009Appendix t
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IFRS FOR SMES - JULY 2009bonds with
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IFRS FOR SMES - JULY 2009(b)At 31 D
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IFRS FOR SMES - JULY 2009occurrence
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IFRS FOR SMES - JULY 2009Capitalisa
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IFRS FOR SMES - JULY 2009This is eq
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IFRS FOR SMES - JULY 2009Deferred p
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IFRS FOR SMES - JULY 2009(c)(d)when
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IFRS FOR SMES - JULY 2009(b)(c)surv
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IFRS FOR SMES - JULY 2009Example 9
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IFRS FOR SMES - JULY 2009Example 18
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IFRS FOR SMES - JULY 2009no obligat
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IFRS FOR SMES - JULY 200924.7 For t
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IFRS FOR SMES - JULY 2009estimate t
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IFRS FOR SMES - JULY 2009Share-base
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IFRS FOR SMES - JULY 2009Internal s
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IFRS FOR SMES - JULY 200927.19 Futu
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IFRS FOR SMES - JULY 2009Reversal w
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IFRS FOR SMES - JULY 2009Recognitio
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IFRS FOR SMES - JULY 2009Measuremen
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IFRS FOR SMES - JULY 2009Cost of a
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IFRS FOR SMES - JULY 2009Terminatio
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IFRS FOR SMES - JULY 2009(i)(ii)rec
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IFRS FOR SMES - JULY 2009end of the
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IFRS FOR SMES - JULY 2009(b)(c)when
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IFRS FOR SMES - JULY 2009Presentati
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IFRS FOR SMES - JULY 2009(b)(c)tran
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IFRS FOR SMES - JULY 2009When the e
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IFRS FOR SMES - JULY 2009Statement
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IFRS FOR SMES - JULY 2009amount of
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IFRS FOR SMES - JULY 2009payable or
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IFRS FOR SMES - JULY 2009Measuremen
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IFRS FOR SMES - JULY 2009non-contro
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IFRS FOR SMES - JULY 2009Disclosure
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IFRS FOR SMES - JULY 2009businessAn
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IFRS FOR SMES - JULY 2009date of tr
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IFRS FOR SMES - JULY 2009fair prese
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IFRS FOR SMES - JULY 2009gainsgener
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IFRS FOR SMES - JULY 2009impairment
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IFRS FOR SMES - JULY 2009joint vent
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IFRS FOR SMES - JULY 2009operating
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IFRS FOR SMES - JULY 2009related pa
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IFRS FOR SMES - JULY 2009share-base
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IFRS FOR SMES - JULY 2009timing dif
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IFRS FOR SMES - JULY 200921 Provisi
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