The IFRS for SMEs Update is a quarterly staff summary of news, events and other information about the IFRS for SMEs Standard and related SME activities. The staff summary has not been reviewed by the International Accounting Standards Board (Board).
In December 2017 the IFRS Foundation published guidance on the IFRS for SMEs Standard following public consultation. The guidance has been developed by the SME Implementation Group (SMEIG).
The guidance is in the form of a question-and-answer document (Q&A) and advises how an issuer should account for financial guarantee contracts.
The SMEIG is responsible for assisting the International Accounting Standards Board (Board) on matters related to the implementation of the IFRS for SMEs Standard. Developing non-mandatory and timely guidance on specific accounting questions raised by companies and other interested parties on implementation of the Standard is one of the two main responsibilities of the SMEIG. The other is to make recommendations to the Board regarding possible amendments to the Standard.
This Q&A guidance is the first to be published since the first comprehensive review of the IFRS for SMEs Standard was completed in May 2015.
The following translations of the 2015 IFRS for SMEs Standard are available and have been approved by the IFRS Foundation:
Completed: Albanian*, Arabic*, Armenian*, Bosnian*, Georgian*, Japanese*, Kazakh*, Portuguese*, Spanish*.
In progress: Mongolian
The following translations of the 2009 IFRS for SMEs Standard are available and have been approved by the IFRS Foundation:
Completed: Albanian*, Arabic*, Armenian*, Bosnian*, Bulgarian*, Chinese (simplified)*, Croatian*, Czech*, Estonian*, French*, Georgian, German, Hebrew*, Italian*, Japanese*, Kazakh*, Khmer*, Lithuanian*, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish* and Ukrainian*.
*Available for free download here (for translations not marked with an * please visit our IFRS Shop for details on how to purchase a hard copy).