On 9 July 2009 the IASB published an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs). This is a single Standard consisting of 230 pages and containing definitions, disclosure requirements and patterns of financial statements.
The initial idea behind IFRS for SMEs was to set up a general accounting framework for entities whose size and resources are not adequate to produce full IFRS reporting but who wish to become part of international trading and financial markets.
In Ukraine the State Commission of Securities and Stock Market (SCSSM) requires only publicly accountable entities to file full IFRS accounts. For all other entities the application of IFRS is voluntary and shareholders of such entities have now an alternative which framework of IFRS to choose. Our IFRS experts have developed a check list of questions to define whether IFRS for SMEs is a recommended reporting framework for your particular business.
IFRS for SMEs considerably simplifies the reporting format and disclosure requirements. We are always pleased to share with you our approach to IFRS for SMEs and assist you with its adaptation.