IFRS for SMEs
The IFRS for SMEs is a standalone document intended for use by small and medium-sized entities. It is considerably shorter than the full IFRS standards and reflects a number of simplifications from full IFRS. The last comprehensive review of the IFRS for SMEs was completed in 2015.
Full text standard
Unaccompanied version of IFRS for SMEs
The International Accounting Standards Board (IASB) provides free access to the consolidated unaccompanied international accounting standards for the current year through its website. Free registration is required.
This unaccompanied version does not include additional content that accompanies the full standard, such as illustrative examples, implementation guidance and bases for conclusions.
IFRS for SMEs summary and timeline
Looking for the synopsis? Our IFRS for SMEs summary and timeline are now on a separate page, featuring information on current proposals and a timeline of IASB updates.
Which version of the standard?
Financial Reporting Faculty members have unlimited online access to the consolidated edition of IFRS and amendments through the IASB's IFRS Standards Navigator service. Please log into IFRS Standards Navigator to access electronic versions of the standards. Or find out more about how to join the faculty.
ICAEW guides and support
Factsheets and FAQs
IFRS for SMEs: Who can use it? How does it differ from full IFRSs?
Financial Reporting Faculty, July 2018
The Financial Reporting Faculty answers some frequently asked questions on 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.
IFRS for SMEs: The Basics 🔒
Financial Reporting Faculty, February 2017
This factsheet introduces the key accounting provisions of the IFRS for SMEs and considers which entities are eligible to use the standard.
Articles and features
IFRS for SMEs - A guide for Micro-sized Entities
Financial Reporting Faculty, July 2013
The International Accounting Standards Board (IASB) has issued guidance to help micro-sized entities apply the IFRS for Small and Medium-sized Entities (IFRS for SMEs).
Access to eBooks is only available to ICAEW members and ACA students – please log in to view these titles.
Introduction to International Financial Reporting Standards – Appendix C: IFRS for SMEs 🔒
PKF International, Wiley IFRS 2019: Interpretation and Application of IFRS Standards (2019)
This updated edition provides a detailed resource on interpreting and applying IFRS alongside practical examples, IFRIC interpretations and directions. This chapter discusses IFRS for SMEs.
IFRS model accounts and disclosure checklists
Online disclosure checklists, general IFRS illustrative statements and compliance questionnaires collected by the ICAEW Library.
Company Reporting (Croner-i)
The ICAEW Library can provide examples of real-life company reports to help keep you up-to-date with reporting practices and benchmark your financial reporting compliance. Company Reporting analyses current IFRS disclosures from public companies, organised by industry sector. It also provides detailed monthly Common Practice reports on specific issues.
Some guides and comparisons that we link to may pre-date the latest amendments to this standard. While these resources contain useful information, please treat them with appropriate caution.
International GAAP 2022: Generally Accepted Accounting Practice under IFRS
EY International Financial Reporting Group, 2022
Detailed guide on interpreting and implementing IFRS, with illustrative examples and extracts from financial statements. The manual is available online (free registration required) as part of EY Atlas Client Edition. Chapters and sections are searchable and downloadable in PDF format. The whole book is also downloadable in ePub format for offline access.
Supporting materials for the IFRS for SMEs Standard
Collection of guides, factsheets and training modules to help preparers understand and implement the standard, including:
Manuals and handbooks
The ICAEW Library stocks the latest IFRS handbooks and manuals. You can browse all our books on IFRS for SMEs or request any of the following popular titles by contacting us on +44 (0)20 7920 8620, by web chat, or at firstname.lastname@example.org
Insights into IFRS 2020–21
KPMG, Sweet and Maxwell, 2020
Manual providing practical guidance with an emphasis on the real-life application of IFRS, with examples based on actual questions that have arisen in practice around the world.
Wiley IFRS 2020: Interpretation and application of IFRS standards
PKF, Wiley, 2020
Reference manual providing full coverage of the latest standards and thorough guidance for implementation, featuring practical tools and insight from a practitioner's perspective.
Manual of accounting: IFRS supplement 2020
PwC, LexisNexis, 2019
Practical guidance on the standards and the accounting requirements of UK law applicable to UK users of IFRS.
Applying IFRS for SMEs
Bruce Mackenzie et al, Wiley, 2011
Guidance and commentary on the standard aimed at small and medium-sized businesses, with examples in each chapter and a table summarising the differences between IFRS for SMEs and the full IFRS.
Find out more about how you can borrow books from the ICAEW Library or get articles and documents sent to you by email, post or fax.
Ask ICAEW Technical Advisory Service
Get an opinion from the experts. Our experienced technical advisors can help you with your IFRS questions and offer practical advice. Call the advisory helpline on +44 (0)1908 248 250.
Find out more about the Technical and ethics advisory helpline, including our opening hours.
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