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Final stage

On 9 July 2009, the International Accounting Standards Board issued the IFRS for SMEs Standard. The standard came into effect immediately on issue (subject to jurisdictional adoption).


The objective of this project was to develop an IFRS Standard expressly designed to meet the financial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose financial statements for external users. Examples of such external users include owners who are not involved in managing the business, existing and potential creditors, and credit rating agencies.

The IFRS for SMEs Standard was derived from full IFRS Standards with appropriate modifications based on the needs of users of SME financial statements and cost-benefit considerations.