Introduction. IFRS for SMEs is not some severely scaled-down standard designed for third world countries, but a comprehensive principles-based standard. Provides specific considerations for US market. 2,500 pages for full IFRS and 25,000 pages for U.S. GAAP. 2. 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 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 Accounting framework and first-time adoption (Sections 1, 2, 3 and 35) 10 For existing IFRS … Financial instruments under IFRS – A guide through the maze High-level summary of IAS 32, IAS 39 and IFRS 7, updated in June 2009. IFRS for SMEs is written so that it is complete in itself and contains all the mandatory requirements for SME financial statements. 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 8 Which one of the following is a characteristic of accounting under IFRS for SMEs? 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. of selecting their new IFRS accounting policies and applying the guidance in IFRS 1. Similarities and differences – A comparison of ‘full IFRS’ and IFRS for SMEs 3 Contents Introduction 5 Executive summary 7 1. 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. While these two systems are different in many ways, they have some similarities for inventory costing. GAAP and IFRS also differ on inventory reversal write-downs and costing formulas. The definition in the context of the IFRS for SMEs is 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. 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. 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