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What is the criteria for selecting IFRS for SMEs as apposed to normal IFRS? Is there a revenue threshold or any other rule to decide on this?
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2 Answers

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There is no qualitative threshold for using IFRS for SMEs. Therefore any company can use them regardless of their size. However the use of full IFRS is required when the shares of a particular company is publicly traded or in other words quoted or listed in a stock exchange. Also full IFRS should be used in the case of a financial institution. Individual jurisdictions of countries may have imposed restrictions on the use of SMEs.
0 votes
-not having public accountability (either via share lisiting in a public exchange or operating using the funds from external parties in fiduciary capacity)
-having the requirement to prepare and present general purpose financial statements