IFRS for SMEs: The Next Standard for U.S. Private Companies?

By MARK FITZPATRICK, CPA and FRED FRANK, CPA

DECEMBER 2009

In July 2009, the International Accounting Standards Board (IASB) released International Financial Reporting Standards designed for use by small and medium-sized entities (SMEs).

IFRS for SMEs is a self-contained, standalone set of financial accounting and reporting standards. Along with the standards, the board released implementation guidance, such as example financial statements and disclosure checklists. The board is also developing training materials for IFRS for SMEs.

At approximately 230 pages, IFRS for SMEs is a simplified version of full IFRS.