On 9 July 2009 the IASB issued the IFRS for SMEs - the first set of international accounting requirements developed specifically for small and medium-sized entities. The IFRS for SMEs reduces the volume of accounting requirements applicable to SMEs by more than 90 per cent when compared with the full set of IFRSs.
This has been achieved by removing some accounting treatments permitted under full IFRSs, eliminating topics and disclosure requirements that are not generally relevant to SMEs and simplifying requirements for recognition and measurement.
Here in the UK, the ASB has indicated that it is likely to require the use of the IFRS for SMEs for large and medium-sized private entities - meaning that more companies than ever will be required to bid farewell to UK GAAP and adopt international standards. It is likely that full implementation will take place after a transition period running from 2010 to 2012. This course provides an overview of the content of the IFRS for SMEs.
By the end of this course you will obtain a greater understanding of:
- which entities can use the IFRS for SMEs
- what adopting the IFRS for SMEs means for a UK company
- who previously followed the FRSSE or full UK GAAP
- which topics are excluded
- which topics have been simplified
- what disclosures are required.
Course description provided by BPP.
Duration: 1 hour
Cost: £30 (exc VAT)
