A Guide For Micro-sized Entities Applying The IFRS For SMEs
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International Accounting Standards Board® (IASB®)
Illustrative Guidance
June 2013
IFRS® for SMEs
A Guide for Micro-sized Entities Applying the IFRS for SMEs (2009)
A Guide for Micro-sized Entities
Applying the IFRS for SMEs (2009)
This Guide accompanies, but is not part of, the IFRS for SMEs
A Guide for Micro-sized Entities Applying the IFRS for SMEs (2009) is issued by the IFRS Foundation
and has not been approved by the International Accounting Standards Board (IASB).
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CONTENTS
from page
INTRODUCTION 4
A GUIDE FOR MICRO-SIZED ENTITIES APPLYING THE IFRS FOR SMEs (2009)
Guide section:
1 INTENDED SCOPE OF THIS GUIDE 6
2 CONCEPTS AND PERVASIVE PRINCIPLES 7
3–8 FINANCIAL STATEMENT PRESENTATION 10
9 CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS 27
10 ACCOUNTING POLICIES, ESTIMATES AND ERRORS 28
11–12 FINANCIAL INSTRUMENTS 31
13 INVENTORIES 42
14–15 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 46
16 INVESTMENT PROPERTY 46
17 PROPERTY, PLANT AND EQUIPMENT (PPE) 46
18 INTANGIBLE ASSETS OTHER THAN GOODWILL 51
19 BUSINESS COMBINATIONS AND GOODWILL 52
20 LEASES 52
21 PROVISIONS AND CONTINGENCIES 56
22 EQUITY 60
23 REVENUE 62
24 GOVERNMENT GRANTS 68
25 BORROWING COSTS 69
26 SHARE-BASED PAYMENT 69
27 IMPAIRMENT OF ASSETS 70
28 EMPLOYEE BENEFITS 76
29 INCOME TAX 80
30 FOREIGN CURRENCY TRANSLATION 89
31 HYPERINFLATION 90
32 EVENTS AFTER THE END OF THE REPORTING PERIOD 90
33 RELATED PARTY DISCLOSURES 92
34 SPECIALISED ACTIVITIES 95
35 TRANSITION TO THE IFRS FOR SMEs 96
A GUIDE FOR MICRO-SIZED ENTITIES APPLYING THE IFRS FOR SMES (2009)
3 IFRS Foundation
Introduction
This Guide accompanies, but is not part of, the IFRS for SMEs.
IN1 Many requirements of the International Financial Reporting Standard for Small and
Medium-sized Entities (IFRS for SMEs) will not be relevant to micro-sized entities
(‘micro entities’) as they generally only encounter a narrow range of simple
transactions.
IN2 This Guide is intended to help micro entities that are within the scope of the
IFRS for SMEs, ie who do not have public accountability (see paragraph G2), and
are either required to prepare general purpose financial statements in
accordance with the IFRS for SMEs as issued in July 2009 (for example, under the
law in their jurisdictions) or choose to do so, to identify more easily the
requirements of the IFRS for SMEs that are relevant to them. It is not a separate
Standard for micro entities.
IN3 This Guide is not intended for micro entities preparing financial statements
solely for tax reasons or to comply with local laws (unless local laws require
micro entities to use the IFRS for SMEs). However, those micro entities may still
find this Guide helpful in preparing such financial statements.
IN4 This Guide does not define a micro entity in quantitative terms. A jurisdiction
may choose to define a micro entity in quantitative terms or provide further
indicators of typical characteristics in order to indicate when this Guide should
be used in that jurisdiction. A micro entity is normally a very small entity with
simple transactions that has the following typical characteristics:
(a) few employees and often owner-managed;
(b) low or moderate levels of revenue and gross assets; and
(c) does not:
(i) have investments in subsidiaries, associates or joint ventures;
(ii) hold or issue complex financial instruments; and
(iii) issue shares or share options to employees or other parties in
exchange for goods or services.
IN5 This Guide extracts requirements from the IFRS for SMEs without modifying any
of the principles for recognising and measuring assets, liabilities, income, and
expenses, and without changing any of the presentation or disclosure
requirements. This Guide includes only those requirements of the IFRS for SMEs
that are likely to be necessary for a typical micro entity. If an entity encounters
a transaction in the current period or any comparative period presented in the
financial statements (or that occurred in an earlier period but still affects those
periods) that is not dealt with in this Guide, the entity is required, by the Guide,
to
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