IASB publishes IFRS for SMEs

The International Accounting Standards Board has published an International Financial Reporting Standard designed for use by small and medium-sized entities. In the accompanying press release it is stated:

The IFRS for SMEs is a self-contained standard of about 230 pages tailored for the needs and capabilities of smaller businesses. Many of the principles in full IFRSs for recognising and measuring assets, liabilities, income and expenses have been simplified, topics not relevant to SMEs have been omitted, and the number of required disclosures has been significantly reduced. To further reduce the reporting burden for SMEs revisions to the IFRS will be limited to once every three years".

The new standard is available for free download here (registration is required) and a fact sheet is available here.