1. Removal of all cross references to standards applicable under full IFRS (except IAS 39).
2. Restructuring of approach to financial instruments.
3. Removal of requirement for measurement of non-current assets or disposal group held for
sale (presentation similar to IFRS 5); disclosures about disposals are still required.
4. Removal of revaluation option for intangible assets.
5. Presumption that all intangible assets (including goodwill) have an estimated useful life
of 10 years, unless there is evidence to the contrary.
6. Borrowing costs are recognised as expenses.
7. Financial performance is reported either as one statement of comprehensive income or as
two statements - an income statement and a statement of comprehensive income that
starts with profit or loss for the period.
8. All deferred tax is presented as non-current.
9. Removal of requirement to disclose externally imposed capital every effort has been
made to ensure accuracy, some information that may be relevant to a particular reader
may not be comprehensive or may have been omitted.
This guide is not intended as a study of all aspects of the ‘International Financial Reporting
Standard for small and medium-sized entities’ and does not address the standard’s disclosure
requirements. The guide is not a substitute for reading the standard when dealing with points of
doubt or difficulty on income measures in IFRS financial statements.