IASB publishes IFRS for SMEs

The IASB has published the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).  The IFRS for SMEs is designed to meet the financial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose financial statements for external users.

In the Philippines, IFRS for SMEs will replace Philippine Accounting Standards 101, Financial Reporting Standards for Non-publicly Accountable Entities.   The effective date of implementation in the Philippines is yet to be announced by our local standard setters.