The International Accounting Standards Board said Thursday that its staff will develop guidance to help “micro-sized entities” apply International Financial Reporting Standards for Small and Medium-sized Entities.
Paul Pacter
An IASB advisory body, known as the SME Implementation Group, will work with the IASB staff to develop the guidance for applying IFRS for SMEs to micro businesses and will then approve a final draft to be sent to the full IASB for review.
“The IFRS for SMEs has been a remarkable success story, with around 80 jurisdictions having already adopted or planning to adopt the 230-page standard,” said IASB member Paul Pacter, who chairs the SME Implementation Group. “In some of those jurisdictions the IFRS for SMEs is also used by very small companies with just a few employees. The staff was asked and has agreed to develop guidance suitable for micros as a ‘sub-set’ of the IFRS for SMEs, not as a separate standard.”
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