Executive summary
This executive summary aims to demonstrate how converting to IFRS for SMEs or IFRS has implications far beyond an entity’s financial reporting function; to highlight some of the key differences between UK GAAP and IFRS for SMEs and IFRS; and to encourage early consideration of what IFRS for SMEs or IFRS means to the entity.
These and other issues are expanded upon in the main body of this publication. It takes into account authoritative pronouncements issued under UK GAAP, IFRS for SMEs and IFRS published up to 30 September 2010, excluding IFRS 9, ‘Financial instruments’.
Accounting areas with significant differences are outlined below.