IFRS for SMEs definition

IFRS for SMEs means the International Financial Reporting Standards for Small and Medium Enterprises, as issued from time to time by the International Accounting Standards Board or its successor body. Regulation 27(4)(5)
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IFRS for SMEs means the International Financial Reporting Standards for Small and Medium Enterprises, as adopted from time to time by the Board of the International Accounting Standards Committee and approved for use in South Africa from time to time by the Financial Reporting Standards Council established in terms of section 203 of the Companies Act;
Sample 1Sample 2
IFRS for SMEs means the International Financial Reporting Standards for Small and Medium Enterprises, as adopted by the board of the International Accounting Standards Committee, or its successor body, and approved for use in South Africa by the Financial Reporting Standards Council established in terms of section 203 of the Act;
Sample 1Sample 2

Examples of IFRS for SMEs in a sentence

  • The standard provides a new Tier 2 reporting framework with simplified disclosures that are based on the requirements of IFRS for SMEs. As a result, there is increased disclosure in these financial statements for key management personnel, related parties, tax and financial instruments.

  • Currently, all companies must comply with international financial reporting standards (IFRS / IFRS for SMEs), while reduced obligations exist for micro and small companies (balance sheet and profit and loss account only).

  • The standard provides a new Tier 2 reporting framework with simplified disclosures that are based on the requirements of IFRS for SMEs. As a result, there is increased disclosure in these financial statements for key management personnel and related parties.

  • The preparation of financial statements in conformity with the IFRS for SMEs requires the use of certain critical accounting estimates.

  • The preparation of annual financial statements in conformity with IFRS for SME's requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the annual financial statements and the reported amounts of revenues and expenses during the reporting period based on management's best knowledge of current events and actions.

  • It will be up to the national regulators and legislators to decide who is permitted or required to apply IFRS for SMEs in each jurisdiction.

  • The preparation of the financial statements in conformity with IFRS for SMEs, management of the Commission is required to make judgments, estimates and assumptions that affect the application policies and the reported amounts of assets, liabilities, income and expense.

  • Major changes in accounting since 2003 include: the enactment of a law on accounting services; the adoption of a relatively recent version of IFRS (2009); the introduction of IFRS for SMEs; improved filing mechanisms for financial statements; and improved transparency through the availability of data at the Central Registry.

  • IFRS for SMEs simplifies the recognition and measurement requirements compared to full IFRSs in some areas and excludes topics not considered relevant for SMEs and removes the more complex option in certain areas in which full IFRSs allow more than one accounting option.

  • A wider application of IFRS for SMEs could partly address this issue as this particular standard is subject to less frequent changes.

Related to IFRS for SMEs

  • Ready for Service or "RFS" – A Collocation job is considered to be Ready for Service when Qwest has completed all operational work in accordance with CLEC Application and makes functional space available to CLEC. Such work includes, but is not necessarily limited to: DC power (fuses available, Battery Distribution Fuse Board (BDFB) is powered, and cables between CLEC and power are terminated), cage enclosures, primary AC outlet, cable racking, and circuit terminations (e.g., fiber jumpers are placed between the outside plant fiber distribution panel and the Central Office fiber distribution panel serving CLEC) and APOT/CFA are complete, telephone service, and other services and facilities ordered by CLEC for Provisioning by the RFS date.

  • Time for Completion means the time for completing the Works as stated in the Contract Data (or as extended under Sub-Clause 7.3), calculated from the Commencement Date.

  • FOB means Free on Board

  • FCA : means the Financial Conduct Authority.

  • Locational Deliverability Area or “LDA” shall mean a geographic area within the PJM Region that has limited transmission capability to import capacity to satisfy such area’s reliability requirement, as determined by the Office of the Interconnection in connection with preparation of the Regional Transmission Expansion Plan, and as specified in Reliability Assurance Agreement, Schedule 10.1.