IFRS for Small and Medium-sized Entities (SMEs)

International Financial Reporting Standards (IFRS)

U.S. GAAP Codification

IFRS International Standards

Accounting Standards, ASC

IFRS for Small and Medium-sized Entities (SMEs)
Section 2: Concepts and Pervasive Principles

IFRS, U.S. GAAP Codification, IFRS Overview, IFRS for SMEs

Principles of Accounting, Intermediate Accounting, Accounting Textbooks

Securities Law Library, U.S. Tax Code by Section, Accounting Terms

IFRS for SMEs
Section 2: Concepts and Pervasive Principles

IFRS-SME

1. Objective of financial statements
--> to provide information about (A), (B), (C) of the entity
(A) financial position
(B) performance
(C) cash flows

2. Financial position
--> relationship of (D), (E), (F)
(D) assets
(E) liabilities
(F) equity

3. Performance
--> relationship of (G), (H)
(G) income
(H) expenses

4. Accrual basis
--> is used when financial statements are prepared
--> exception: cash flow information

IFRS

IASB Framework for the Preparation and Presentation of Financial Statements
--> issued in July 1989
--> adopted by IASB in April 2001

U.S. GAAP Codification

Statements of Financial Accounting Concepts

1978
No. 1: Objectives of Financial Reporting by Business Enterprises

1980
No. 2: Qualitative Characteristics of Accounting Information
No. 3: Elements of Financial Statements of Business Enterprises
--> superseded by No. 6
No. 4: Objectives of Financial Reporting by Nonbusiness Organizations

1984
No. 5: Recognition and Measurement in Financial Statements of Business Enterprises

1985
No. 6: Elements of Financial Statements - A Replacement of FASB Concepts Statement No. 3

2000
No. 7: Using Cash Flow Information and Present Value in Accounting Measurements

IFRS for SMEs

U.S. GAAP Codification