The IFRS for SMEs Accounting Standard is a self-contained Standard (fewer than 250 pages) designed to meet the needs and capabilities of small and medium-sized entities (SMEs), which are estimated to account for more than 95 per cent of all companies around the world.
Compared with full IFRS Accounting Standards (and many national GAAPs), the IFRS for SMEs Accounting Standard is less complex in a number of ways:
The IFRS for SMEs Accounting Standard is available for any jurisdiction to adopt, whether or not it has adopted full IFRS Accounting Standards. Each jurisdiction must determine which entities should use the Standard. The IASB's only restriction is that entities that have public accountability should not use it.