ABSTRACT
During 2009, the International Accounting Standards Board (IASB) released the IFRS for Small and Medium-Sized Entities (IFRS for SMEs), which is a self-contained standard of less than 250 pages. A completely revised version of the IFRS for SMEs was issued in December 2015. It is designed to meet the needs and capabilities of smaller concerns, many of which were finding the costs of compliance with full IFRS unduly high.
