The new, just-published International Financial Reporting Standard (IFRS) for SMEs standard provides a “simplified alternative to U.S. generally accepted accounting principles.” It is “designed to be a less complex, self-contained alternative to the full set of International Accounting Standards Board standards.” It omits some of the more complex accounting requirements and policy elections in full IFRS, excludes topics that the IASB believes generally would not apply to SME financial reporting and comprises several other differences.

This edition of Issues In-Depth, by KPMG, examines the differences in a comprehensive 17-page report. Read the full report here.