This site uses cookies to provide you with a more responsive and personalized service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

Bookmark Email Print page

IFRS for SMEs versus LUX GAAP - A comprehensive comparison | Whitepaper


IFRS for SMEs versus LUX GAAPOn 9 July 2009, the International Accounting Standards Board (IASB) issued the IFRS for Small and Medium-sized Entities (IFRS for SMEs), an alternative framework that can be applied by eligible entities in place of the full set of International Financial Reporting Standards (IFRSs) in issue.

The IFRS for SMEs is a self-contained Standard, incorporating accounting principles that are based on full IFRSs but that have been simplified to suit the entities within its scope (known as SMEs), by:

  • Removing some accounting treatments permitted under full IFRSs
  • Eliminating topics and disclosure requirements not relevant to SMEs
  • Simplifying requirements for recognition and measurement (reduction of the volume by more than 90% compared to full IFRSs)

Where financial statements are prepared using the Standard, the basis of presentation note would refer to compliance with the IFRS for SMEs (an internationally recognised ’cachet‘ to improve access to capital).

No effective date because the decision to adopt the IFRS for SMEs (and the timing for adoption) is a matter for each jurisdiction.

Basis for conclusions, illustrative financial statements, and presentation and disclosure checklist can be downloaded free from:

Summary of the IFRS for SMEs is available on:

IFRS for SMEs in your pocket is available on:

Page Last Updated



Stay connected:
Get connected
Share your comments
More on Deloitte Luxembourg
Learn about our site

Recently published