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Official Translation of IFRS for SMEs adopted

The Minister of Finance has adopted the Decision to Establish the translation of the International Financial Reporting Standard for Small and Medium Businesses (IFRS for SMEs), published in the Official Gazette RS No. 83/18 dated October 29th 2018.

  1. A translation of the International Financial Reporting Standards for Small and Medium Businesses (IFRS for SMEs), which was approved and issued by the International Accounting Standards Board (IASB) in July 2009, was amended, with amendments and supplemented in May 2015.
  2. IFRS for SMEs referred to in paragraph 1 of this Decision, will be applied in financial statements which are created until December 31st 2019. Legal entities may apply IFRS for SMEs and when compiling financial statements as of the 31st December 2018 (with the disclosure of relevant information in Notes of the financial statements).
  3. The translation of IFRS for SMEs from item 1 of this Decision was made in accordance with the procedure for translating the Foundation for International Financial Reporting Standards (IFRS Foundation), based on the Agreement on Disclaimer of Copyright in the Territory of the Republic of Serbia, concluded between the IFRS Foundation and Ministry of Finance and Economy No. 998-RS- (MinFin) -Waiver-IFRS & SMEs-2013 dated July 31, 2013.
  4. In accordance with the Agreement referred to in item 3 of this Decision, the copyright of the translation shall belong to IFRS and the translation shall not be reprinted and published without the approval of the IFRS of the Foundation.
  5. The Decision of the Minister of Finance No. 401-00-1304 / 2013-16 of 25 December 2013 (“Official Gazette of the Republic of Serbia”, No. 117/13) shall be enforced.
  6. This Decision shall enter into force on the eighth day after its publication in the “Official Gazette of the Republic of Serbia”.

Therefore, the obligation to apply the amended IFRS for SMEs relates to the annual financial report for 2019, with the application being possible and recommended for the annual financial reports for 2018.

IFRS for SMEs was altered several years ago, but in domestic conditions the translation of this Standard has not been published in a timely manner. The conditions have now come for all entities that apply this Standard to apply the latest solutions.

2018-11-02T15:10:49+00:00 November 2nd, 2018|

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