IFRS Foundation publishes debrief video on IFRS for SMEs

The IFRS Foundation has published a video providing an overview of the background to the IFRS for SMEs.

The IFRS for Small and Medium-sized Entities (SMEs) was developed for small and medium-sized companies and first issued in 2009. The video explains why there was a need for the IFRS for SMEs and how it differs from full IFRS Standards.

It also provides information on the comprehensive review of the Standard undertaken in in 2015 to respond to implementation issues that arose after it had been in use for some years. It also discusses the need for some minor changes and clarifications.

Further information is available from the IASB’s web site here.