IFRS for Small & Medium Entities
- IFRS for SMEs — U.S. GAAP Comparison Wiki
- The AICPA is developing a resource that compares the International Financial Reporting Standard for Small and Medium-Sized Entities (IFRS for SMEs) with corresponding requirements of U.S. generally accepted accounting principles (U.S. GAAP). This resource is available in a Wiki format and you are invited to contribute to its development. To learn more about the resource, view available sections and contribute to its content, click here: Learn more.
- IFRS for Small and Medium-Sized Entities – Questions and Answers
- IFRS for SMEs is a modification and simplification of full IFRS aimed at meeting the needs of private company financial statement users and easing the financial reporting burden on private companies through a cost-benefit approach. Read questions and answers developed by the American Institute of Certified Public Accountants.
- IFRS for SMEs
- The International Financial Reporting Standard for Small and Medium-sized Entities is a self-contained standard of less than 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world. Access the standard, basis for conclusions, illustrative financial statements presentation and disclosure checklist at the IASB website. (IASB.org)
- January, 2010
- Japan Council to be Established to Study Accounting Standards for Unlisted Companies
- Japan's IFRS Council, a private organization formed to facilitate IFRS implementation in Japan, has agreed to recommend establishment of a new council to consider accounting standards for unlisted companies, according to a news release on the Accounting Standards Board of Japan website.
- PCFRC Releases Meeting Highlights, Future of Private Company Reporting Discussed
- At their December meeting, the Private Company Financial Reporting Committee (PCFRC) met with the Financial Accounting Standards Board (FASB) and the Small Business Advisory Committee (SBAC). A number of important issues to private companies were discussed, including the future of financial reporting for nonpublic companies. (PCFR.org)
- IASC Foundation publishes free training material for IFRS for SMEs
- January 18, 2010 - The International Accounting Standards Committee Foundation (IASC Foundation) today published the first part of its comprehensive set of training materials for the IFRS for SMEs. (IASC Foundation)
- "Blue-Ribbon" Panel Formed to Address Standards for Private Companies
- December 17, 2009 - The American Institute of Certified Public Accountants (AICPA) and the Financial Accounting Foundation (FAF) announced the establishment of a "blue-ribbon panel" to address how U.S. accounting standards can best meet the needs of users of private company financial statements.
- December, 2009
- IFRS for SMEs: The Next Standard for U.S. Private Companies?
- IFRS for SMEs is a self-contained, standalone set of financial accounting and reporting standards. At approximately 230 pages, IFRS for SMEs is a simplified version of full IFRS. (Journal of Accountancy)
- November, 2009
- PCFRC Releases Meeting Highlights, Discussed Private Company Reporting
- At their October meeting, the Private Company Financial Reporting Committee (PCFRC) continued its discussion about private company reporting and has decided to issue a letter to the Financial Accounting Foundation (FAF) recommending that the FAF consider the issue of U.S. private company accounting in the context of the mission of the FASB. (PCFR.org)
- October, 2009
- Time to Consider Separate GAAP for U.S. Private Companies
- October 20, 2009 – Speaking at the AICPA's governing council meeting, Private Company Financial Reporting Committee Chair Judith O'Dell said, "Now is really the time to consider a separate GAAP." Accounting Today covers O'Dell's address. (WebCPA)
- Small Businesses Not Ready to Adopt IFRS for SME's
- According to a CFO.com article, small businesses are not rushing to adopt IFRS for Small and Medium-sized Entities. The article discusses the need for a "culture shift" before companies are ready to move away from the rules-based U.S. standards. Acceptance by U.S. lenders, creditors and investors will also be important to adoption gaining traction in this country.
- September, 2009
- PCFRC Releases Meeting Highlights, Discussed IFRS for SME's
- September 14, 2009 – At their August meeting, the Private Company Financial Reporting Committee (PCFRC) reviewed the IASB's IFRS for Small and Medium-sized Entities and discussed their impressions about the standard.
- August, 2009
- Private Company Group Looks at IFRS for SMEs
- The Private Company Financial Reporting Committee (PCFRC) reviewed the recently issued International Financial Reporting Standard for Small and Medium-sized Entities at its meeting. WebCPA reports on the meeting.
- UK GAAP Could Cease to Exist
- The Accounting Standards Board (ASB) released proposals for a three-tier system that would eventually replace UK GAAP, according to an Accountancy Age article. Public companies would use IFRS. Non-publicly accountable entities would use IFRS for SMEs and smaller organizations would use the ASB’s Financial Reporting Standard for Smaller Entities (FRSSE).
- July, 2009
- IFRS for SMEs
- The International Financial Reporting Standard for Small and Medium-sized Entities is a self-contained standard of less than 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world. Access the standard, basis for conclusions, illustrative financial statements presentation and disclosure checklist at the IASB website. (IASB.org)
- AICPA Business Brief – IASB Publishes IFRS for SMEs
- On July 9, 2009, The International Accounting Standards Board (IASB) issued an International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The standard is a result of a five-year development process.
- Deloitte Survey Indicates Support for Separate Standards for Small and Mid-Sized Private Entities
- July 24, 2009 – Deloitte announces the results of a new survey. More than half (51%) of the respondents from small and mid-sized entities (under $1 billion in revenues) indicated that they believe there should be separate accounting standards for public and private companies.
- Illustrative Compilation and Review Reports – IFRS for SMEs
- July 15, 2009 - Review illustrative accountant’s compilation and review reports on financial statements prepared in accordance with the International Financial Reporting Standard for Small and Medium-sized Entities.
- New Option for Private Companies in Streamlined IFRS
- The Journal of Accountancy writes about the International Accounting Standard Board’s recently released International Financial Reporting Standard for Small- and Medium-sized Entities.
- IASB Publishes IFRS for SMEs
- July 9, 2009 - The International Accounting Standards Board (IASB) issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs). The standard is a result of a five-year development process with extensive consultation of SMEs worldwide. (IASB.org)
- IFRS for Small and Medium-Sized Entities – Questions and Answers
- IFRS for SMEs is a modification and simplification of full IFRS aimed at meeting the needs of private company financial statement users and easing the financial reporting burden on private companies through a cost-benefit approach. Read questions and answers developed by the American Institute of Certified Public Accountants.
