Learning IFRS for SMEs from PwC Publications

On July 9, 2009 the IASB published the International Financial Reporting Standard for Small and Medium-size Entities (IFRS for SMEs). The IFRS for SMEs applies to all entities that do not have public accountability. An entity has public accountability if it files its financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instrument in a public market, or if it holds assets in a fiduciary capacity for a broad group of outsiders – for example, a bank, insurance entity, pension fund, securities broker/dealer.

The definition of an SME is therefore based on the nature of an entity rather than on its size.

The IASB developed this standard in recognition of the difficulty and cost to private companies of preparing full compliant IFRS information. It also recognised that users of private entity financial statements have a different focus from those interested in publically listed companies. IFRS for SMEs attempts to meet the user’s needs while balancing the costs and benefits to preparers.

IFRS for SMEs is a stand-alone standard; it does not require preparers of private entity financial statements to cross-refer to full IFRS.

One of the big four accounting firms, PricewaterhouseCoopers (PWC) has published several materials to help familiarise accounting practices with the requirement of this standards.

There are four downloadable IFRS for SMEs publications as listed below. Just click the link to download directly from the source pages :

1. Similarities and Differences : A Comparison of 'Full IFRS' and IFRS for SMEs 
2. IFRS for SMEs : Pocket Guide 2009
3. IFRS for SMEs - Illustrative Consolidated Financial Statements 2010
4. IFRS for SMEs: A Less Taxing Standard ?

Source : PwC - IFRS for SMEs

A Guide through IFRS July 2010

The IFRS Foundation will shortly publish an updated version of "A Guide through IFRSs July 2010".

This 2010 edition is presented in two volume parts (Part A and B), sold together as a set. This new guide will include :

• All IFRSs and IASs as approved by the IASB at 1 July 2010
• The Complete and up-to-date consolidated text, with extensive cross-references and other annotations, of IFRSs, including IASs and IFRIC and SIC Interpretations.
• IASB-issued supporting documents, illustrative examples, implementation guidance.
• Bases for conclusions and dissenting opinions as approved at 1 July 2010.

This edition does not contain documents that are being replaced or superseded but remain applicable of the reporting entity chooses not to adopt the newer version early.

The main changes in this collection, since the 2009 edition, are the inclusion of :

• one new standard – IFRS 9
• one revised standard – IAS 24
• amendments to IFRSs that were issued as separate documents
• amendments to IFRSs issued in the third annual improvements project
• amendments to other IFRSs resulting from those revised or amended standards
• one new Interpretation – IFRIC 19

The arrangement of the contents in this edition differs from that in previous editions. In recognition of the growing size of the contents this edition of the Bound Volume is published in two parts. Part A presents the Framework and the unaccompanied IFRSs and their introductions and explanatory rubrics. Part B contains the accompanying documents, such as bases for conclusions, implementation guidance and illustrative examples. This partition therefore distinguishes the Framework and the requirements of IFRSs (in Part A) from the non-mandatory accompanying material (in Part B), and enables them to be read side by side.

How to purchase this publication ?

A Guide through IFRS July 2010 - (ISBN 978-1-907026-82-9 Set of two volume parts A & B), can be purchased for £90 each set (plus shipping). Discounts are available for bookshops/agents, multiple copies, students/academics and residents of middle and low income countries.
You can find further information about this publication and register your interest at the web shop.

IFRSs in Your Pocket 2010

Deloitte's IFRS Global Office has published the nineth edition of our popular guide to IFRSs - IFRSs in Your Pocket 2010.

This 132-page guide includes information about:

• IASB structure and contact details
• IASB due process
• Use of IFRSs around the world, including updates on Europe, Asia, USA and Canada
• Summaries of each IASB Standard and Interpretation, as well as the Framework and the Preface to IFRSs
• Background and current status of all current IASB projects
• IASC and IASB chronology
• Update on IFRS-US GAAP convergence
• Other useful IASB-related information

Source : Deloitte - IAS Plus.com

Deloitte’s IFRS for SMEs in Your Pocket

Deloitte's IFRS Global Office has published the Global Edition of IFRS for SMEs in Your Pocket. This 45-page guide to the IFRS for SMEs is similar to Deloitte's very popular IFRSs in Your Pocket guide to full IFRSs. IFRS for SMEs in Your Pocket takes each section of the IFRS for SMEs, summarises its requirements, and highlights differences with full IFRS requirements. There is also a chronology of the development of the IFRS for SMEs and a discussion of how the IFRS for SMEs differs from full IFRSs. Click to download : IFRS for SMEs in Your Pocket (PDF 406k).

Source : IAS Plus Home Page