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Tuesday 01 December 2015

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IFRS application around the world

Analysis of the IFRS profiles for IFRS for SMEs

To assess progress toward the goal of global accounting standards, the IFRS Foundation is developing profiles of application of IFRS in individual jurisdictions. View the jurisdiction profiles.

The following observations relate to the information in the 140 profiles currently posted concerning adoption of the IFRS for SMEs.

Is the IFRS for SMEs required or permitted?

Number of jurisdictions
IFRS for SMEs is required or permitted 75
IFRS for SMEs is currently under consideration 13
IFRS for SMEs is not used 52
Total 140

Which jurisdictions require or permit the IFRS for SMEs?

The 75 jurisdictions that require or permit the IFRS for SMEs are:

Anguilla, Antigua and Barbuda, Argentina, Armenia, Azerbaijan, Bahamas, Bahrain, Bangladesh, Barbados, Belize, Bhutan, Bosnia and Herzegovina, Botswana, Brazil, Cambodia, Chile, Colombia, Costa Rica, Dominica, Dominican Republic, Ecuador, El Salvador, Fiji, Georgia, Ghana, Grenada, Guatemala, Guyana, Honduras, Hong Kong, Iraq, Ireland, Israel, Jamaica, Jordan, Kenya, Kosovo, Lesotho, Macedonia, Malaysia, Maldives, Mauritius, Montserrat, Myanmar, Nicaragua, Nigeria, Pakistan, Palestine, Panama, Peru, Philippines, Rwanda, Saint Lucia, Saudi Arabia, Serbia, Sierra Leone, Singapore, South Africa, Sri Lanka, St Kitts and Nevis, St Vincent and the Grenadines, Suriname, Swaziland, Switzerland, Tanzania, Trinidad & Tobago, Turkey, Uganda, United Arab Emirates, United Kingdom, Uruguay, Venezuela, Yemen, Zambia, and Zimbabwe.

What accounting framework choices do SMEs have?

For the 75 jurisdictions that require or permit the IFRS for SMEs, SMEs may choose the accounting framework to adopt as follows:

Number of jurisdictions
SMEs not required to use full IFRS are required to use the IFRS for SMEs 5
SMEs may choose the IFRS for SMEs or full IFRS 52
SMEs may choose the IFRS for SMEs, full IFRS or local GAAP for SMEs 17
SMEs may choose the IFRS for SMEs or local GAAP for SMEs 1
Total 140

What modifications have jurisdictions made to the IFRS for SMEs?

The following table describes the nature and extent of modifications made by jurisdictions that require or permit the IFRS for SMEs:

Number of jurisdictions Which jurisdictions?
Made no modifications to the IFRS for SMEs 67 All except those noted below
Made some significant modifications in adopting the IFRS for SMEs, including adding in options allowed under full IFRS that are not allowed in the IFRS for SMEs. Details can be found in the Ireland and United Kingdom profiles 2 Ireland and United Kingdom
Did not adopt Section 31 Hyperinflation for SMEs because hyperinflation is not an issue domestically 1 Bangladesh
Does not require the statements of cash flows or changes in equity in separate financial statements prepared using the IFRS for SMEs 1 Bosnia and Herzegovina
Modified the accounting requirements for property development activities 1 Malaysia
Permits capitalisation of borrowing costs 2 Pakistan and Uruguay
Some modifications are under consideration. Most likely those modifications will be limited to adding disclosures 1 Saudi Arabia
Total 75


This page was last updated 1 December 2015.

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Paul Pacter
Former Board member and project manager
email: ppacter@ifrs.org

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