Did you know that small and mid-sized entities represent more than 95 percent of all companies? International Financial Reporting Standards for Small and Medium-Sized Entities (IFRS for SMEs) was released in final form in July 2009 as an accepted modification and simplification of full IFRS. Smaller entities often produce financial statements only for the use of owner-managers, existing and potential creditors, credit rating agencies, vendors and customers. IFRS for SMEs is aimed at meeting the needs of smaller entity financial statement users, while easing the financial reporting burden on private companies that do not have public accountability. While U.S. financial, accounting and audit professionals have an existing familiarity and comfort with U.S. GAAP, an increasing number of these same professionals are being asked to prepare or report on financial statements using IFRS (as either a mandatory or voluntary alternative). A practical knowledge of IFRS for SMEs is important for professionals providing accounting, reporting or attest services for private entities, especially when private company stakeholders and financial statement users require financial statements prepared under international standards.