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).
The IFRS Foundation’s Education Initiative is updating the complete suite of 35 stand-alone modules designed to provide support to anyone learning about, applying or reading financial statements prepared using the IFRS for SMEs Standard. Each module covers one section of the IFRS for SMEs Standard.
Each of the 35 modules will include:
Modules on Section 1 Small and Medium-sized Entities, Section 3 Financial Statement Presentation, and Section 17 Property, Plant and Equipment will be published on the IFRS Foundation website in mid-April. Other modules will be published as soon as they have been finalised.
The Accounting Standards Board of Papua New Guinea (ASBPNG) has approved the IFRS for SMEs Standard for use by entities without public accountability in Papua New Guinea effective for accounting periods beginning on or after 1 January 2018. The following entities have public accountability, and therefore must use full IFRS Standards:
All other entities (including State-owned enterprises whose shares are not publicly traded and that do not hold assets in a fiduciary capacity) are permitted to use the IFRS for SMEs Standard. Alternatively, they may use full IFRS Standards.
The ASBPNG operates under the Investment Promotion Authority of Papua New Guinea. The ASBPNG is developing its own website; the website of the Investment Promotion Authority is http://www.ipa.gov.pg.
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*, Mongolian Portuguese*, Spanish*.
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 asterisk please visit our IFRS Shop for details on how to purchase a hard copy).