INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR SMES

Abstract

IFRS for SMEs give the response to an international requirement of the developed and emerging economies in the process of globalization to have a rigorous and common set of international accounting provisions (standard, rule, regulation) specifically for SMEs, to be much more simplified than the complete IFRSs. The area where are applicable the IFRS for SMEs includes all the profit-oriented entities that prepare the general financial statements and do not have the public accountability and there are excluded the entities whose securities are publicly traded and the financial institutions like banks and the insurance companies.IFRS for SMEs; simplified financial reporting; public accountability; options; external users; recognition and assessment principles