• Register
Search Questions / Answers

Welcome to AccountantAnswer Forum, where you can ask questions and receive answers. Although you need not be a member to ask questions or provide answers, we invite you to register an account and be a member of our community for mutual help. You can register with your email or with facebook login in few seconds

Get AccountantAnswer App

What is the criteria for selecting IFRS for SMEs?


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?

asked Mar 16, 2013 in IFRS for SMEs by anonymous
retagged Apr 23, 2013 by Mysio

2 Answers

0 votes
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.
answered Apr 9, 2013 by anonymous
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
answered Dec 4 by Aathy


...