IFAC Response to IFRS for SMEs

This response to the International Financial Reporting Standards for Small- and Medium-Sized Entities (IFRS for SMEs) was prepared by the IFAC Small and Medium Practices (SMP) Committee in collaboration with IFAC public policy and regulation staff. IFAC encourages the International Accounting Standards Board (IASB), which publishes the standard, to carefully consider further ways in which the standard might be simplified further so as to reduce compliance costs, especially for micro-sized entities, and how it might be changed so as to increase the benefits of the information it provides users. IFAC welcomes the announcement that the staff of the IASB will develop guidance to help micro-sized entities apply the IFRS for SMEs.