IASB publishes IFRS for SMEs

The International Accounting Standards Board (IASB) has issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities (SMEs). SMEs are estimated to represent more than 95 per cent of all companies. The standard is the result of a five-year development process with extensive consultation of SMEs worldwide. (Read the IASB Press Release.)