IFRS for SMEs (proposals): Pocket guide 2007

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This publication looks at the key areas covered by the IFRS for SMEs. It is written for those who have little or no knowledge of full IFRS, but who have a reasonable understanding of basic accounting concepts and terminology.

IFRS for SMEs (proposals): Pocket guide 2007 provides a summary of the recognition and measurement requirements in the proposed 'IFRS for Small and Medium-Sized Entities' published by the International Accounting Standards Board in February 2007.

'Small and medium-sized entities' has different meanings in different territories. The definition is based on the nature of the entity not its size. The standard will apply to entities that publish general purpose financial statements for its owners and the local tax authorities, not for entities with securities traded in a public market or that hold assets in a fiduciary capacity.