Business preparation guide · 29 October 2026
What should I ask before using IFRS for SMEs?
Use this guide to prepare a focused business enquiry and agree a useful professional engagement. It covers information gathering and project planning. Entity-specific tax, legal and accounting conclusions require qualified review of the facts and current requirements.
What information helps assess a reporting framework?
Describe the business, ownership, stakeholders and purpose of the financial statements. Include lender, investor and regulator reporting requests. Ask a qualified adviser to assess framework suitability using the applicable requirements rather than choosing a framework solely because the business is small.
How should differences from the current accounting approach be assessed?
Provide the current financial statements and policies and ask for a documented comparison with the proposed framework. Identify material balances and transactions. Any transition plan should explain the information required, technical decisions and responsibilities before implementation.
What should a reporting-framework transition plan include?
Agree the reporting period, opening information, policy review, system changes and management approvals. Ask for the treatment of comparative information and disclosures to be assessed by the adviser. Keep the plan specific to the entity's circumstances.
How do I request an IFRS for SMEs consultation?
Provide a short entity profile, reporting needs, current accounts and the reason for considering a change. Ask for the suitability assessment and implementation support to be scoped separately. Confirm the applicable edition and reporting period during technical review.
Turn the discussion into an agreed scope
Write down the objective, the entity and period involved, the information already available and the decisions still needed. Ask the proposed engagement team to identify the next information request and the person responsible for each response. Keep technical assumptions separate from verified facts.
Before work starts, confirm the deliverables, review process, fees and exclusions in writing. Ask how additional work will be approved and how confidential documents will be exchanged. This preparation supports an informed proposal; it does not determine the business’s legal or tax position.
Authoritative reference
Consult the relevant authority or reporting-standard source for current requirements. This guide provides preparation steps and does not reproduce the authority’s full rules.
Prepared by DSB Chartered Accountants LLC Technical positions, calculations, thresholds and filing decisions should be reviewed by the appointed professional for the relevant period.
Discuss the scope with our IFRS for SMEs reporting team.