On 9 July 2009, the International Accounting Standards Board (IASB) issued the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). It is a self-contained standard of about 230 pages, plus illustrative financial statements and a presentation and disclosure checklist, tailored for the needs and capabilities of smaller businesses. It is only 10% the size of full IFRSs.

It is envisaged that the use of the IFRS for SMEs will reduce compliance costs for entities that do not have public accountability, and make it easier for users to comprehend financial statements. Some are of the view that the title of the standard is a misnomer as size is not a compulsory determinant in deciding whether an entity is eligible to use the IFRS for SMEs. Section 1 of the standard defines SMEs as entities that do not have public accountability and publish general purpose financial statements for external users. Individual jurisdictions are allowed to determine whether they will impose a size criterion. Therefore, non-listed subsidiaries of multinational corporations, and non-material subsidiaries of local listed companies may also use the IFRS for SMEs if it passes the size test (assuming the Singapore Accounting Standards Council does adopt a size test).

This seminar aims to unravel the answers to some of the commonly asked questions such as:

•       What are the key features of the IFRS for SMEs and how does it differ from the full IFRSs?

•       How did the IASB manage to simplify financial reporting standards for SMEs?

•       What are some of the potential issues when implementing this new standard?

•       Will the use of the IFRS for SMEs be beneficial to all stakeholders or are there two sides to the coin?

To register, visit http://www.icpas.org.sg/cpe/public/viewSession.aspx?SeminarId=387