Resource · IFRS
IFRS for SMEs — Quick Reference
A condensed reference of the IFRS for SMEs standard — the bits we get asked about most often when advising founders and finance teams who don't need the full IFRS but do need an audit-ready GAAP under UAE Corporate Tax.
What's inside
- Scope: who can use IFRS for SMEs (no public accountability)
- Statement of financial position + comprehensive income + cash flows + notes
- Property, plant & equipment (Section 17)
- Leases (Section 20) — operating vs finance, lessee + lessor
- Revenue (Section 23) — performance obligations, point-in-time vs over-time
- Income taxes (Section 29) — current + deferred under UAE CT
- Functional vs presentation currency (Section 30)
- Disclosures most often missed: related parties, going concern, post-period events