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

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IFRS FOR SMES – JULY 2009The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS forSMEs) is set out in Sections 1–35 and the Glossary. Terms defined in the Glossary are inbold type the first time they appear in each section. The IFRS for SMEs is accompaniedby a preface, implementation guidance, a derivation table, illustrative financialstatements and a presentation and disclosure checklist, and a basis for conclusions.© IASCF 5
IFRS FOR SMES – JULY 2009Preface to the IFRS for SMEsThe IASBP1P2The International Accounting Standards Board (IASB) was established in 2001 aspart of the International Accounting Standards Committee (IASC) Foundation.The objectives of the IASC Foundation and of the IASB are:(a)(b)(c)(d)to develop, in the public interest, a single set of high quality,understandable and enforceable global accounting standards that requirehigh quality, transparent and comparable information in financialstatements and other financial reporting to help participants in the world’scapital markets and other users make economic decisions;to promote the use and rigorous application of those standards;in fulfilling the objectives associated with (a) and (b), to take account of, asappropriate, the special needs of small and medium-sized entities andemerging economies; andto bring about convergence of national accounting standards andInternational Accounting Standards and International Financial ReportingStandards to high quality solutions.P3The governance of the IASC Foundation rests with 22 Trustees. The Trustees’responsibilities include appointing the members of the IASB and associatedcouncils and committees, as well as securing financing for the organisation.P4 The IASB is the standard-setting body of the IASC Foundation. From 1 July 2009the IASB comprises fifteen members, increasing to sixteen members at a date nolater than 1 July 2012. Up to three may be part-time members. The IASB isresponsible for approving International Financial Reporting Standards (IFRSs,including Interpretations) and related documents, such as the Framework for thePreparation and Presentation of Financial Statements, exposure drafts and discussiondocuments. Before the IASB began operations, International AccountingStandards (IASs) and related Interpretations were established by the Board ofIASC, which came into existence on 29 June 1973. By resolution of the IASB, IASsand related Interpretations remain applicable, with the same authority as IFRSsdeveloped by the IASB, unless and until they are amended or withdrawn by theIASB.International Financial Reporting StandardsP5The IASB achieves its objectives primarily by developing and publishing IFRSs andpromoting the use of those standards in general purpose financial statements andother financial reporting. Other financial reporting comprises informationprovided outside financial statements that assists in the interpretation of acomplete set of financial statements or improves users’ ability to make efficienteconomic decisions. The term ‘financial reporting’ encompasses general purposefinancial statements plus other financial reporting.6 © IASCF
Page 1 and 2: 2009International Accounting Standa
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(IFRS) for Small and Medium-sized Entities (SMEs)

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