The International Accounting Standards Board has published for public comment the Exposure Draft of its International Financial Reporting Standard for Small and Medium-sized Entities.

 

The Board has also published its Basis for Conclusions and Draft Implementation Guidance for the proposed standards.

 

These documents are all available free of cost on the IASB’s website.  

 

The aim of the proposed standards are to provide a simplified, self-contained set of accounting principles that are appropriate for smaller, non-listed companies and are based on full International Financial Reporting Standards (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. As a result, the Exposure Draft offers a workable, self-contained set of accounting standards that would allow investors for the first time to compare SMEs’ financial performance across international boundaries on a like for like basis.

 

The following documents, prepared by ICAB’s Accounting and Auditing Standards Committee, are also available:

 

 

 Please note that the following document was not prepared by ICAB: