IASB publishes draft IFRS for SMEs

15 February 2007

The IASB published the Exposure Draft of its International Financial Reporting Standard for Small and Medium-sized Entities. The aim of the proposed standard is to provide a simplified, self-contained set of accounting principles that are appropriate for smaller, non-listed companies and are based on full IFRSs, developed primarily for listed companies.

By removing choices for accounting treatment, eliminating topics that are not generally relevant to SMEs and simplifying methods for recognition and measurement, the resulting draft standard reduces the volume of accounting guidance applicable to SMEs by more than 85 per cent when compared with the full set of IFRSs.

The Exposure Draft is available for e IFRS subscribers from today and will be freely available on the Website from 26 February 2007.

The Exposure Draft will be published in French, German and Spanish in April 2007
Deadline for comments is 1 October 2007.

Press release

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