IFRS for SMEs | New section 23: Revenue from contracts with customers

IFRS for SMEs (International Financial Reporting Standard for Small and Medium-sized Entities) is a set of accounting standards specifically designed for small and medium-sized enterprises (SMEs). It provides a simplified framework compared to full IFRS, making financial reporting more accessible and less burdensome for smaller entities. While IFRS for SMEs is updated less frequently, an […]

IFRS for SMEs: Proposed amendments

IFRS for SMEs (International Financial Reporting Standard for Small and Medium-sized Entities) is a set of accounting standards specifically designed for small and medium-sized enterprises (SMEs). It provides a simplified framework compared to full IFRS, aiming to make financial reporting more accessible and less burdensome for smaller entities. Key features of IFRS for SMEs include: […]

Second Comprehensive Review of the IFRS for SMEs Accounting Standard

Most small and medium businesses in South Africa make use of the International Financial Reporting Standard for Small- and Medium-Sized Entities (IFRS for SMEs), as accounting standard used for accounting and reporting purposes. All entities apart from public companies, state-owned companies and certain non-profit companies are allowed to apply the IFRS for SMEs and choose […]