Intended scope of this Standard
1.1 The IFRS for SMEs is intended for use by small and medium-sized entities (SMEs). This section describes the characteristics of SMEs.
Description of small and medium-sized entities
1.2 Small and medium-sized entities are entities that: Small and Medium-sized Entities
- do not have public accountability; and Small and Medium-sized Entities
- publish general purpose financial statements for external users. Small and Medium-sized Entities
Examples of external users include owners who are not involved in managing the business, existing and potential creditors, and credit rating agencies.
1.3 An entity has public accountability if: Small and Medium-sized Entities
- its debt or equity instruments are traded in a public market or it is in the process of issuing such