Accounting and Financial Reporting Guidelines for Small and Medium-sized Enterprises (SMEGA)

"The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) issued the publication Accounting and Financial Reporting Guidelines for Small and Medium-Sized Enterprises (SMEGA) - Level 3 Guidance after deliberations during its seventeenth and eighteenth sessions.

ISAR, however, also recognizes that it is likely that IFRS for SMEs will not be suitable for micro-entities that produce non-generalpurpose statements. Entities that are not required to prepare general purpose financial statements are those that need not place financial statements in the public domain. Another characteristic is that the non-general purpose financial statements are not designed to met the needs of a wide group of users.

To meet the needs of micro-entities ISAR has developed a single set of guidelines, Level 3, which meet the needs of micro-entities that produce non-general purpose financial statements. Level 3 Guidelines have been developed from a "bottom up" approach rather than being integrated into the "top down" approach which characterizes the proposed IFRS for SMEs. The "bottom up" approach starts from a grounded perspective of the consideration of the needs of users and preparers of financial statements of micro-entities."

 For more on SMEGA level 3 click here  [209KB]

IFRS in your pocket 2007

IFRS are used in many parts of the world, including the European Union, Hong Kong, Australia, India, GCC countries Russia, South Africa and Singapore, Nearly 100 countries currently require or permit the use of, or have a policy of convergence with, IFRSs. Deloitte developed an IAS pus guide on Audit, Tax, Consulting and Financial Advisory called “IFRSs in your pocket 2007”. The guide provides a detailed analysis of the International Financial Reporting Standards (IFRS) standards and interpretations adopted by the International Accounting Standards Board (IASB).

IFRS Pocket2007.pdf [355KB]

IAS Plus

The IAS Plus website, maintained by Deloitte, provides the most comprehensive information on the Internet about international financial reporting. It is aimed at accounting professionals, businesses, financial analysts, standard-setters and regulators, and accounting educators and students. The site, which is totally free of charge, has a broad array of resources about the International Accounting Standards Board and International Financial Reporting Standards.

(Click here for more information)