IFRS for SMEs® Accounting Standard (2025, Third Edition)

Issuer

International Accounting Standards Board (IASB), IFRS Foundation (Issuer)

ISBN: 9781915712271

Published: February 2025

Format: Paperback, 2 volumes (sold as one set)

Language: English

Publisher: IFRS Foundation

Description

The IFRS for SMEs® Accounting Standard is the only official print edition of the third edition of the Standard, issued by the International Accounting Standards Board (IASB) in February 2025. It replaces the edition published in 2015 and is presented as a two-volume set: the IFRS for SMEs Accounting Standard itself, and the Basis for Conclusions and Illustrative Financial Statements.

The Standard is derived from full IFRS Accounting Standards and tailored for companies without public accountability that publish general purpose financial statements. It balances the information needs of lenders and other users of SMEs’ financial statements with the resources available to SMEs. The third edition is effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted — making 2025–2026 the window in which preparers, auditors and educators need to study the changes and plan the transition.

Key Features

• Official English print edition of the third edition of the IFRS for SMEs Accounting Standard, issued by the IASB.
• Complete two-volume set: the Standard plus the Basis for Conclusions and Illustrative Financial Statements.
• Incorporates the outcomes of the IASB’s comprehensive review, including a new section on fair value measurement and an updated revenue model.
• Practical application: a reference for preparing first financial statements under the revised Standard, effective 1 January 2027.
• Practical application: a basis for audit firms and advisers to assess the impact of the revised sections on revenue, financial instruments and business combinations for SME clients.
• Practical application: a teaching text for university courses and professional training programmes on SME financial reporting.

Coverage

Main changes since the 2015 edition:

• Section 2 Concepts and Pervasive Principles
• Section 9 Consolidated and Separate Financial Statements
• Section 11 Financial Instruments (combining the previous Sections 11 and 12)
• Section 12 Fair Value Measurement (a new section)
• Section 19 Business Combinations and Goodwill
• Section 23 Revenue from Contracts with Customers

About the Authors

The International Accounting Standards Board (IASB) is the independent standard-setting body of the IFRS Foundation, a not-for-profit, public interest organisation responsible for developing IFRS Accounting Standards, including the IFRS for SMEs Accounting Standard.

Table of Contents

• Volume 1 — IFRS for SMEs Accounting Standard
• Volume 2 — Basis for Conclusions and Illustrative Financial Statements

Why buy this book?

Because it is the authoritative, official text of the revised IFRS for SMEs Accounting Standard in English. With the effective date of 1 January 2027 approaching, accounting firms, finance departments, universities and professional libraries need the complete printed set — Standard and Basis for Conclusions together — as a permanent desk reference that does not depend on online subscriptions. It is also the natural companion to the Spanish edition, Norma NIIF® para las PYMES, and to the full IFRS & Accounting Standards collection at CLNZ Books.

Keywords

IFRS for SMEs, IFRS for SMEs 2025, third edition, IFRS for SMEs Accounting Standard, SME financial reporting, IASB, IFRS Foundation, fair value measurement, revenue from contracts with customers, financial statements

Target Audience

Accountants, Auditors, CFOs, Financial controllers, Accounting academics, University libraries, Professional libraries

Genre

Accounting, International accounting, International Financial Reporting, Finance, Professional Reference, Business

Q&A

When does the third edition of the IFRS for SMEs Accounting Standard take effect?
It is effective for annual reporting periods beginning on or after 1 January 2027, with early application permitted.

What are the main changes from the 2015 edition?
Changes affect Section 2 (Concepts and Pervasive Principles), Section 9 (Consolidated and Separate Financial Statements), Section 11 (Financial Instruments, combining the former Sections 11 and 12), a new Section 12 (Fair Value Measurement), Section 19 (Business Combinations and Goodwill) and Section 23 (Revenue from Contracts with Customers).

Which entities can apply the IFRS for SMEs Accounting Standard?
Entities without public accountability that publish general purpose financial statements for external users, such as lenders and creditors.

What does the two-volume set contain?
Volume 1 contains the Standard; Volume 2 contains the Basis for Conclusions and the Illustrative Financial Statements. Both volumes are sold together as one set.

Where can I buy the IFRS for SMEs® Accounting Standard (2025, Third Edition)?
You can order it directly from CLNZ Books on this product page: IFRS for SMEs Accounting Standard — CLNZ Books. Payment by card, PayPal or international bank transfer; institutional invoicing is available.

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