In July 2009 the IASB issued the IFRS for SMEs, a simplified version of IFRS designed for use by small and medium-sized entities. According to the IFRS Foundation, approximately 80 jurisdictions around the world now either use the IFRS for SMEs or are planning to adopt it. Two countries in Ballkan region – Bosnia and Herzegovina and FYR Macedonia – have already adopted the standard and several other countries in Europe and Central Asia are considering doing so.
In June 2012, the IFRS Foundation announced that its SME Implementation Group (SMEIG) would carry out a full review of the IFRS for SMEs. This review is expected to lead to the issue of an exposure draft (ED) of a revised text of the standard in the first half of 2013, followed by the publication of the revised standard in late 2013 or early 2014. The group carrying out the review has asked for comments from users of the current IFRS for SMEs on their experience of using the standard, with a deadline for comments of 30 November 2012.
In parallel with this review, the SMEIG is also developing guidance on how the smallest businesses (“micro entities”) should apply the IFRS for SMEs. The IFRS for SMEs was originally developed to meet the needs of larger and more established SMEs and much of the standard is not very relevant to the needs of the smallest firms. The SMEIG plans to extract those requirements from the IFRS for SMEs that are useful for micro entities with the aim of publishing the new guidance in early 2013.