GAAP and IFRS also differ on inventory reversal write-downs and costing formulas. Similarities and differences – A comparison of ‘full IFRS’ and IFRS for SMEs 3 Contents Introduction 5 Executive summary 7 1. IFRS for SMEs in your pocketApril 2010 2 Abbreviations 4 IASB structure 5 Members of the IASB 7 IASB due process 9 IASB contact information 10 IFRS for SMEs– resources available from the IASB 11 Background to the IFRS for SMEs 12 Full IFRS vs. IFRS for SMEs 13 Summaries of individual sections of the IFRS for SMEs 14 Section 1: Scope and application 14 Medium-sized Entities (IFRS for SMEs), an alternative framework that can be applied by eligible entities in place of the full set of International Financial Reporting Standards (IFRSs) in issue. 2. For existing IFRS … Introduction. Classes of current inventories [abstract] Abstract : ifrs-smes:ClassesOfInventoriesAbstract: 420: Current inventories held for sale: Concept (Monetary) As Of: Debit: ifrs-smes:InventoriesHeldForSale: 421: Current work in progress: Concept (Monetary) As Of: Debit: ifrs-smes:WorkInProgress: 422 Can I use the IFRS for SMEs? Inventory Valuation – Inventory under IFRS is valued at lower of cost or selling price less cost to sell (net realizable value). continued 3 But • IASB defines SMEs o do not have public accountability (PA) o publish general purpose financial statements (GPFS) • ¶3.3 requires an explicit statement of compliance with the IFRS for SMEs Standard • ¶1.5 prohibits an entity that has PA from asserting compliance with the IFRS for SMEs Standard 3 2 | PFRS FOR SMALL ENTITIES Section 1 - Scope of the Framework 1 This Framework is intended for use by small entities as defined by the Philippine Securities and Exchange Commission. The IFRS for SMEs is a self-contained Standard, incorporating accounting principles that are based on full IFRSs but that have been simplified to suit 2,500 pages for full IFRS and 25,000 pages for U.S. GAAP. Financial instruments under IFRS – A guide through the maze High-level summary of IAS 32, IAS 39 and IFRS 7, updated in June 2009. 8 Which one of the following is a characteristic of accounting under IFRS for SMEs? IFRS for SMEs is not some severely scaled-down standard designed for third world countries, but a comprehensive principles-based standard. 2 ifrs for smes illustrative financial statements This publication has been prepared for illustrative purposes only and does not constitute accounting or other professional advice, nor is it a substitute for reference to the source standard, interpretations and legislative requirements. IFRS for SMEs – Pocket guide 2009 ii The term ‘small and medium-sized entities’ has different meanings in different territories. 2 Entities who have operations or investments that are based or conducted in a different country Accounting framework and first-time adoption (Sections 1, 2, 3 and 35) 10 IFRS For SME are not a new set of standards—they are simplifications of existing IFRSs to meet the accounting and reporting needs of SMEs. The definition in the context of the IFRS for SMEs is Under IFRS for SMEs, the FIFO and weighted average cost assumptions of cost flow may be used for inventory valuation purposes, but the LIFO cost flow assumption may not be used. The International Financial Reporting Standards (IFRS) are more about policies than anything else. IFRS for SMEs is written so that it is complete in itself and contains all the mandatory requirements for SME financial statements. of selecting their new IFRS accounting policies and applying the guidance in IFRS 1. 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