ifrs for smes

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IFRS for SME

Small & Medium Enterprises

February 24, 2011

Presented by:

Peter A. Margaritis, CPA, MAcc

IFRS for Private Companies

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July 9, 2009

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Why Would an SME Want to Adopt?

Can SMEs Simply Choose to Adopt?

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IFRS for SMEs

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Definition of SME

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Public Accountability

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Improving Financial Reporting

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IFRS for SMEs

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Key Features of IFRS for SMEs

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Simplification 12

Omitted Topics

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IFRS - Disallowed under SMEs

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Simplification: Recognition & Measurement

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Recognition & Measurement simplifications

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Disclosure Simplifications

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35 Sections to IFRS for SMEs

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35 Sections to IFRS for SMEs

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35 Sections to IFRS for SMEs

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Section 1 – Qualitative Characteristics 21

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Section 1 – Qualitative Characteristics 22

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Section 3 – F/Statement presentation 23

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Section 3 – Complete Set of IFRS Financial Statements

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Income Statement and OCI

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Income Statement and RE

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Section 9 Consolidation27

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Section 10 Accounting policies

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Sections 13 Inventory

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Section 17 - PPE30

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Section 18 - Intangibles Other Than Goodwill

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Section 20 Leases32

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Section 23 Revenue33

Recognition of Sale of Goods

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Section 33 - Related Party Disclosures

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Section 35 First-Time adoption (FTA)

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IFRS for Private Companies

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The Pervasive Impacts of IFRS

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Ultimate Objective

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IFRS for SME’s Resources

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Contact / Consultation

Peter A. Margaritis, CPA, MAccIFRS Education and Training, LLC

Cell: (614) 668-2936Office: (614) 793-0973

Email: peter@ifrseducationandtraining.com

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