This publication addresses considerations and practical application issues that an entity may consider when applying the IFRS for SMEs. It also provides a high-level overview of the similarities and differences compared with full IFRSs and the requirements, exception and exemptions for first-time adoption of the standard. In many cases further interpretation will be needed in order for an entity to apply the IFRS for SMEs to its own facts, circumstances and individual transactions. Further, some of the information contained in this publication is based on initial observations developed by the KPMG International Standard Group and these observations may change as practice develops.
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