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Sunday 19 April 2015

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 About the IFRS for SMEs

The IFRS for SMEs is a self-contained Standard of 230 pages, designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for over 95 per cent of all companies around the world.

Compared with full IFRSs (and many national GAAPs), the IFRS for SMEs is less complex in a number of ways; to read more about how complexity was reduced,click here.

The Standard is available for any jurisdiction to adopt, whether or not it has adopted full IFRSs. Each jurisdiction must determine which entities should use the Standard. The IASB's only restriction is that listed companies and financial institutions should not use it.

Comprehensive Review

  • Comprehensive review 2012-14 – The IASB is conducting a comprehensive review of the IFRS for SMEs to consider whether there is a need for any amendments to the Standard. Learn more about the Comprehensive Review 2012-14.

Implementation support:

To assist in implementation, the IFRS Foundation and the IASB have taken a number of steps:

  • IFRS for SMEs free to download – The Standard and related implementation guidance are free to download for private, non-commercial use. IFRS for SMEs is available in more than 25 languages.
  • Implementation guidance – The IFRS for SMEs is accompanied by implementation guidance consisting of illustrative financial statements and a presentation and disclosure checklist.
  • SME Implementation Group – We have appointed an implementation group to develop non-mandatory implementation guidance in the form of Q&As and make recommendations to the IASB on the need to amend the IFRS for SMEs. Learn more about the SME Implementation Group.
  • Q&As – Q&As developed by the Implementation Group as guidance in applying the IFRS for SMEs. Access the Q&As.
  • Training material – The IFRS Foundation is developing comprehensive free to download training material to support the implementation of the IFRS for SMEs available in Arabic, English, Russian, Spanish and Turkish. Access the IFRS for SMEs training materials.
  • IFRS Taxonomy – The IFRS Taxonomy is a translation of IFRSs—including the IFRS for SMEs—into XBRL (eXtensible Business Reporting Language). XBRL is a digital 'language' used to communicate information between businesses and other users of financial information.
  • Workshops – The IFRS Foundation holds regional 'train the trainers' workshops, in co-operation with regional professional associations and the world's development agencies, to build capacity for the implementation of the IFRS for SMEs, particularly in developing and emerging economies. Learn more about the IFRS for SMESs workshops.
  • Newsletter – We publish a free monthly newsletter, IFRS for SMEs Update newsletter with news about the work of the IASB and the SME Implementation Group, adoptions, resources, and implementation guidance. Access the IFRS for SMEs Updates.
  • Presentations – We are making some IASB member and staff presentations about the IFRS for SMEs available for free download. Access the IFRS for SMEs presentations.
  • Guidance for micro-sized entities Click here for more information.

Related information


Contact us

Darrel Scott 
Board Member, Chairman of the SME Implementation Group 
email: dscott@ifrs.org


Michelle Fisher
Senior Technical Manager, IFRS for SMEs
email: mfisher@ifrs.org


For commercial use, licensing and translation enquiries:

Nicole Johnson
Content Services Principal
Phone: +44 (0)20 7332 2740
email: njohnson@ifrs.org