The IFRS Foundation has published a new video in its Debrief series in which Darrel Scott, Member of the International Accounting Standards Board (the Board), provides an overview of the background to the IFRS for SMEs® Standard.
The Standard was developed specifically for small and medium-sized companies and was first issued in 2009. Darrel explains why there was a need for this Standard and how it differs from full IFRS Standards.
The Board did a comprehensive review of the IFRS for SMEs Standard in 2015 to respond to any implementation issues that arose after the Standard had been in use for some years. Darrel explains that the overall conclusion was that the Standard was working well in practice and discusses the need for some minor changes and clarifications. The amended Standard is effective from 2017.
This video is also available on YouTube to view, share and embed.
Further information about the IFRS for SMEs Standard can be found here.
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