IFRS | IAS not be relevant for SME financial statements

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In July 2009, the International Accounting Standards Board (IASB) issued the IFRS for Small and Medium-sized Entities (IFRS for SMEs). This standard provides an alternative framework that can be applied by eligible entities in place of the full set of International Financial Reporting Standards (IFRSs).

The IFRS ( International Financial Reporting Standard) for SMEs (small to medium-sized enterprises ) is a self-contained standard, incorporating accounting principles based on extant IFRSs which have been simplified to suit the entities that fall within its scope. There are a number of accounting standards and disclosures that may not be relevant for the users of SME financial statements. As a result the standard does not address the following topics:

1. earnings per share ( IAS 33 Earnings per Share) 
2. interim financial reporting ( IAS 34 Interim Financial Reporting)
3. segment reporting ( IFRS 8 Operating Segments)
4. insurance (because entities that issue insurance contracts are not eligible to use the standard) (IFRS 4 Insurance Contracts )
5. assets held for sale ( IFRS 5 Non-current Assets Held for Sale and Discontinued Operations)

Reference: ACCA, Phnom Penh HR