IFRS( International Financial Reporting Standards)  for SMEs (Small Medium Enterprises) is a separate comprehensive set of standards for non-publicly accountable entities that is the result of a five-year development process with extensive consultation with SMEs worldwide. It simplifies many of the principles in full IFRSs for recognition and measurement, omits topics not relevant to SMEs, and significantly reduces the number of required disclosures. It is intended to be a full set of accounting principles for private companies in 230 pages.

 Listen to the KPMG web cast:  Excellent Web Cast , you may also , review the power point presentation , which is available to download for free, upon registration to the Web Cast.

  Discusses what other countries are doing, to resolve the issues of Small Medium Enterprises, as to how to present financial statements for Private Companies.

    Should we adopt a New GAAP to represent Private Companies

    Should we adopt an IFRS Framework and remove certain portions non applicable to Private companies.

    How does Corporate Governance aid in preparing accurate and fairly presented financial statements

    Continue the Status Quo, keep IFRS for Publicly Accountable Companies and keep the present GAAP for Private enterprises.

Discussion Questions:

1. If you were responsible to make changes: How would you change things to make information more relevant to financial statement users?
2. Would you consider an  IFRS  model that has been simplified to suit Private Entities?
3. Should we have a Canadian Way for Private Company GAAP or should all countries that adopted IFRS, adopt a common Private Entity GAAP?

 Web Cast hosted by Janice Patrisso, KPMG partner: KPMG, The Future of Private Company Reporting,