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Sme

1.1 International definition of an SME and difference between currently existing differential reporting regime in Australia
According to the IASB ED of a proposed IFRS for SMEs, the IASB’s definition of an SME is intended to (a) an entity with no public accountability and (b) an entity that publishes general purpose financial statements for external users. If entities fall under the definition of having a public accountability, as stated in paragraph 1.2 ED, they are not entitled to use the proposed IFRS for SMEs. The IASB’s definition of a public account-tability is not based on a size-threshold determination; rather it is the fact that an entity has issued equity or debt securities in a public market and thus has to lodge financial reports to external regulatory organisations or an entity holds assets in a fiduciary capacity for a broad group of outsiders. Furthermore, the criterion (b) of the international definition is basically a matter for each national jurisdiction to......


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Approximate Word Count: 1759
Approximate Pages: 8 (250 words per double-spaced page)

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