The International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) was developed in response to international demand for the IASB to develop global standards for small and medium-sized entities (SMEs).  The simplified, self-contained Standard was issued in 2009, and has since been widely adopted.

The most significant changes, which relate to transactions commonly encountered by SMEs, are:

•    permitting SMEs to revalue property, plant and equipment; and
•    aligning the main recognition and measurement requirements for deferred income tax with IFRS.


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