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Thursday 05 May 2016

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Guidance for micro-sized entities

The International Accounting Standards Board (IASB) has developed guidance to help micro-sized entities apply the IFRS for Small and Medium-sized Entities (SMEs).


Over 80 jurisdictions have either adopted the IFRS for SMEs or stated a plan to do so within the next few years. In some of these jurisdictions the IFRS for SMEs is being used by very small companies with just a few employees. The IASB was asked and agreed to develop guidance suitable for micro-sized entities currently applying the IFRS for SMEs and also those considering doing so in the future.


The guidance has been developed with input from the SME Implementation Group. It extracts from the IFRS for SMEs only those requirements that are likely to be necessary for a typical micro-sized entity, without modifying any of the principles for recognising and measuring assets, liabilities, income and expenses. In a few areas, it also contains further guidance and illustrative examples to help a micro-sized entity to apply the principles in the IFRS for SMEs.

The guidance contains cross-references to the IFRS for SMEs for matters not covered by the guidance. Consequently, having applied the guidance, an entity’s notes to the financial statements and auditor’s report could refer to conformity with the IFRS for SMEs because this guidance does not modify the requirements of the IFRS for SMEs.

* The Guidance is free to download for private, non-commercial use. You need to be an eIFRS Basic user to access the IFRS for SMEs; the registration is free of charge.  eIFRS Basisc users, eIFRS Professional users and registered users of our Web Shop can access the material with their username and password.  Click here if you have forgotten your password.

Not registered?

Register for eIFRS Basic or subscribe to eIFRS Professional.

Once you have registered, return to this page and enter your username and password, when requested, to access the IFRS for SMEs.

Copyright and terms of use

By accessing the IFRS for SMEs you agree that you have read and understood the full terms of use and our copyright. All rights, including copyright, in the content of these web pages are owned or controlled by the IFRS Foundation and may not be hosted on any other website or translated, reprinted or reproduced in any way. Downloading and printing of the IFRS for SMEs and related content is for private and non-commercial use only.

Please note: you must be logged into eIFRS to access the following links. If you are not yet logged in, you can do so here.


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