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IFRS for SMEs: Who can use it? How does it differ from full IFRSs?

The Financial Reporting Faculty answers some frequently asked questions on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), covering which entities are eligible to use the IFRS for SMEs, the benefits of using the IFRS for SMEs and some of the key differences to full IFRSs. Published July 2018.

1. Who is eligible to use IFRS for SMEs?

The standard is intended for use by entities that do not have ‘public accountability’ (e.g. unlisted companies) and publish ‘general purpose’ financial statements. Despite the title of the standard many entities that do not consider themselves to be small or medium-sized still could be within its intended scope.