IFRSforSMEs2009.pdf


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IFRS FOR SMES – JULY 2009

Preface to the IFRS for SMEs
The IASB
P1

The International Accounting Standards Board (IASB) was established in 2001 as
part of the International Accounting Standards Committee (IASC) Foundation.

P2

The objectives of the IASC Foundation and of the IASB are:
(a)

to develop, in the public interest, a single set of high quality,
understandable and enforceable global accounting standards that require
high quality, transparent and comparable information in financial
statements and other financial reporting to help participants in the world’s
capital markets and other users make economic decisions;

(b)

to promote the use and rigorous application of those standards;

(c)

in fulfilling the objectives associated with (a) and (b), to take account of, as
appropriate, the special needs of small and medium-sized entities and
emerging economies; and

(d)

to bring about convergence of national accounting standards and
International Accounting Standards and International Financial Reporting
Standards to high quality solutions.

P3

The governance of the IASC Foundation rests with 22 Trustees. The Trustees’
responsibilities include appointing the members of the IASB and associated
councils and committees, as well as securing financing for the organisation.

P4

The IASB is the standard-setting body of the IASC Foundation. From 1 July 2009
the IASB comprises fifteen members, increasing to sixteen members at a date no
later than 1 July 2012. Up to three may be part-time members. The IASB is
responsible for approving International Financial Reporting Standards (IFRSs,
including Interpretations) and related documents, such as the Framework for the
Preparation and Presentation of Financial Statements, exposure drafts and discussion
documents. Before the IASB began operations, International Accounting
Standards (IASs) and related Interpretations were established by the Board of
IASC, which came into existence on 29 June 1973. By resolution of the IASB, IASs
and related Interpretations remain applicable, with the same authority as IFRSs
developed by the IASB, unless and until they are amended or withdrawn by the
IASB.

International Financial Reporting Standards
P5

6

The IASB achieves its objectives primarily by developing and publishing IFRSs and
promoting the use of those standards in general purpose financial statements and
other financial reporting. Other financial reporting comprises information
provided outside financial statements that assists in the interpretation of a
complete set of financial statements or improves users’ ability to make efficient
economic decisions. The term ‘financial reporting’ encompasses general purpose
financial statements plus other financial reporting.

© IASCF