IFRS for SMEs Update
From the IFRS Foundation

Issue 2010-5, July-August 2010
Welcome to the IFRS for SMEs Update

The IASB's IFRS for SMEs Update is a staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). All issues of the IFRS for SMEs Update are available in both HTML and PDF format on the IASB's website. To subscribe use the link on the right, see on the right hand side for more information about how to do so.


Contact us

Content of the IFRS for SMEs, implementation and adoption issues:
Paul Pacter
IASB Board Member and Chairman of SME Implementation Group

Training material, conferences, and workshops:
Michael Wells
Director, IFRS Education Initiative

Copyright and translation issues:
Ken Creighton
Director of IFRS Content Services
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IFRS Foundation appoints members of the SME Implementation Group

The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards (IFRSs) and the oversight of the International Accounting Standards Board (IASB), has announced the membership of the newly created SME Implementation Group.

The mission of the Group is to support the international adoption of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and to monitor its implementation. The Group has two main responsibilities:
  1. to develop non-mandatory guidance for implementing the IFRS for SMEs in the form of questions and answers that will be made publicly available on a timely basis; and
  2. to make recommendations to the IASB if and when needed regarding amendments to the IFRS for SMEs.

The IFRS Foundation invited applications for membership of the Group in March 2010 and received almost 90 applications. The 21 members of the Group were selected on the basis of their knowledge and experience in the financial reporting of SMEs. Although members of the Group do not act as country representatives, the Trustees of the IFRS Foundation sought to ensure a balanced geographical distribution in selecting its members. Representatives of the European Commission and the European Financial Reporting Advisory Group (EFRAG) will participate in the work of the Group as observers.

The members of the Group will serve a renewable term of two years from July 2010.

IASB Board Member Paul Pacter (who for the past six years had been the IASB’s Director of Standards for SMEs) will serve as chairman of the SME Implementation Group. Members of the Group are:

Name Affiliation
Dr Khalded A Hegazy
Partner, Crowe Dr. A. M. Hegazy & Co.
Omodele Robert Nicholas Jones
Sierra Leone
Chair, Council for Standards of Accounting, Auditing, Corporate & Institutional Governance (CSAAG)
Bruce Mackenzie
South Africa
Managing Partner, W Consulting
Asia / Oceania
Sanath Fernando
Sri Lanka
Partner, Ernst & Young
Michelle Fisher
Hong Kong SAR, People’s Republic of China
Senior Manager, Technical, Deloitte
Ying Wei
People’s Republic of China
Deputy Director-General, Accounting Regulatory Department of Ministry of Finance
Steven Brice
United Kingdom
Financial Reporting Advisory Partner, Mazars
Professor Robin Jarvis
United Kingdom
Head of SME Affairs, The Association of Chartered Certified Accountants (ACCA)
Dr Claudia Mezzabotta
Head of IFRS for SMEs Working Group of Ordine dei Dottori Commercialisti ed Esperti Contabili di Milano (ODCEC Milano), Italy; Director, Department of Accounting and Financial Reporting Standards (English classes), Scuola di Alta Formazione della Fondazione dei Dottori Commercialisti di Milano
Signe Moen
Partner, PricewaterhouseCoopers
Hugo van den Ende
Partner, PricewaterhouseCoopers Accountants N.V. Amsterdam
North America
Ana Denena
United States
Partner, UHY LLP
Thomas J Groskopf, CPA
United States
Director, Barnes, Dennig & Co., Ltd.
David Martínez Muñoz
United States
Operations Officer, World Bank Organisation
Keith C Peterka
United States
Professional Standards Group, Mayer Hoffman McCann P.C.
Latin America / Caribbean
Artemio Bertholini
Partner, Directa Auditores, a member firm of PKF International Limited
Andrew F Brathwaite, CA
Principal, AFB Consulting, Chartered Accountants
Cdor. Hernán P Casinelli
Director of IFRS course and the Chartered Public Accounting Program, Universidad Argentina de la Empresa (UADE). Associate member, Gajst & Asociados
Haydeé de Chau
Partner, KPMG
Professor Jorge José Gil
Professor, University of Cuyo, Aconcagua University, General Director of AAASB (FACPCE)
Ricardo Rodil
Senior Partner, Nexia Villas Rodil Auditores Independetes

  • European Commission
  • European Financial Reporting Advisory Group (EFRAG)

A new web page for the SME Implementation Group has been created on the IASB’s website: http://www.ifrs.org/IFRS+for+SMEs/SME+Implementation+Group/SME+Implementation+Group.htm

Train the trainers workshop in Rio de Janeiro

On 2-4 August 2010, the IASB and IFRS Foundation conducted their fifth three-day workshop to 'train the trainers' on the IFRS for Small and Medium-sized Entities. The workshop was sponsored by the Brazilian Development Bank (BNDES) and was held at the BNDES headquarters in Rio de Janeiro, Brazil. Instructors were Paul Pacter, IASB Board Member, and Ricardo Lopes Cardoso, Practice Fellow at the IFRS Foundation's IFRS Education Initiative. Paul spoke in English, and Ricardo in Portuguese, with simultaneous translation throughout. (You can find more information about BNDES here: http://www.bndes.gov.br )

There were nearly 700 participants from throughout Brazil at the venue in Rio. In addition, the training was broadcast live, in both Portuguese and English, over two Web television networks, known as TVCRCRJ and TVCRCSC. TVCRCRJ is operated by the Conselho Regional de Contabilidade do Rio de Janeiro (the Rio de Janeiro Regional Accounting Council) and TVCRCSC is operated by the Conselho Regional de Contabilidade de Santa Catarina (the Santa Catarina Regional Accounting Council). The presentations were recorded and continue to be available, free of charge, on the two websites:

In total, 17,614 people registered and viewed the three-day workshop on-line. The great majority of the viewers were from within Brazil (from over 190 cities), but over 100 persons were from outside Brazil, including USA (from 24 cities), Spain, Switzerland, France, Canada, and UK.

Where to obtain IFRS for SMEs materials
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Disclaimer: The content of this Update does not represent the views of the IASB or the IFRS Foundation and is not an official endorsement of any of the information provided. The information published in this newsletter originates from various sources and is accurate to the best of our knowledge.
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