This document provides an overview of the International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities. It describes the intended scope of the standard for entities that do not have public accountability and publish general purpose financial statements. It defines small and medium-sized entities and provides examples of entities that would have public accountability. It also discusses topics such as the objective of financial statements for SMEs, qualitative characteristics of useful financial information, concepts of assets, liabilities, equity, income and expenses, and the criteria for recognition of items in the financial statements.