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In July 2009, the International Accounting Standards Board released the IFRS for Small and Medium-Sized Entities (SMEs). This is a version of IFRS which is less complex than the full set of standards and applies to SMEs, private companies, and non-publicly accountable entities. Worldwide, these types of organizations are estimated to make up about 95% of the companies. Each jurisdiction has its own definition of SMEs and also has the ultimate authority over whether or not IFRS for SMEs can be adopted. In the U.S., most nonpublic companies fit the SME definition. In Canada, eligible companies may choose between IFRS for SMEs and the newly released GAAP for Private Companies, an exposure draft of which was issued by the Canadian Accounting Standards Board in April 2009.
To read a summary of the key simplications to IFRS for SMEs, click here.
To read the full set of standards of IFRS for SMEs, click here. (Please note that you will have to register with the IASB in order to access the content. Registration is free of charge.)
To read the exposure draft on Canadian GAAP for private companies, click here.
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