IFRS FOR SMALL AND MEDIUM-SIZED ENTITIES

The IASB describes “small and medium-sized entities” or SMEs as entities that:
a. Do not have public accountability.
b. Publish general purpose financial reports for external users.
An entity has public accountability if:
a. Its debt or equity instruments are traded in a public market or it is in the process of issuing such
instruments for trading in public market, for example, domestic or foreign stock exchange, over-
the-counter market, local and regional market.
b. It holds assets in fiduciary capacity for a broad group of outsiders as one of its primary businesses. This
is typically the case for banks, credit unions, insurance companies, securities dealers or brokers, mutual
funds and investment banks.

SME under Philippine jurisdiction

SME is an entity:
a. With total assets between P3,000,000 and P350,000,000, OR with total liabilities between P3,000,000
and P250,000,000.
b. That is not required to file financial statements under SRC Rule 68.1. This SRC Rule 68.1 pertains to
“listed entities” whose shares are traded in a public market.
c. That is not in the process of filing financial statements for the purpose of issuing any class of instruments in
a public market.
d. That is not a holder of a secondary license issued by a regulatory agency such as a bank (all types of
banks), an investment house, a finance company, an insurance company, securities broker or dealer, a
mutual fund and pre-need company.
e. That is not a public utility.

Micro-business entities
Micro-business entities are entities whose total assets or total liabilities are below the P3,000,000 floor
threshold. Under SEC ruling, Micro-business entities have the option to use any of the following in the
preparation of financial statements:
a. PFRS for Small Entities
b. Income tax basis

Exemptions from IFRS for SMEs

The Philippine SEC on October 7, 2010 resolved to exempt from the mandatory adoption of IFRS for SMEs
small and medium-sized entity that meets any of the following criteria:
1. It is subsidiary of a parent company reporting under full IFRS.
2. It is a subsidiary of a foreign parent company that will be moving towards full IFRS.
3. It is a subsidiary of a foreign parent company that has been applying the standards for a nonpublicly
accountable entity for local reporting purposes and is considering moving to full IFRS.
4. It has short-term projections that it will breach the quantitative thresholds set in the criteria for an SME
and the breach is expected to be significant and continuing.
5. It is part of a group, either as a joint venture or an associate, reporting under full IFRS.
6. It is a branch office of a foreign entity reporting under full IFRS.
7. It has concrete plans to conduct an initial public offering within the next two years.
8. It has a subsidiary that is mandated to report under full IFRS.
9. It has been preparing financial statements using full IFRS and has decided to liquidate its assets.

Significant and continuing

If an SME that uses the IFRS for SMEs in a current year breaches the floor and ceiling size criteria at the end
of the current year, the entity shall be required to transition to full IFRS in the next year if the ceiling threshold is
breached or another acceptable accounting basis if the floor threshold is breached.
This transition must be made provided the event that caused the change is considered “significant and
continuing”. As a general rule, 20% or more of total assets or total liabilities would be considered
significant.
First-Time adopter
A first-time adopter of the IFRS for SMEs is an entity that presents the first annual financial statements that
conform with the IFRS for SMEs.

Date of transition
The date of transition to IFRS for SMEs is the beginning of the earliest period for which full comparative
information is presented in accordance with the IFRS for SMEs. Thus, if the first-time adopter presents the
first annual financial statements in conformity with the IFRS for SMEs on December 31, 2023 on comparative
basis, the date of transition to IFRS for SMEs is January 1, 2022.

Opening statement of financial position

The opening statement of financial position is the statement of financial position as of the date of transition
to the IFRS for SMEs. In the opening statement of financial position, a first-time adopter shall:
a. Recognize all assets and liabilities whose recognition is required by the IFRS for SMEs.
b. Not recognize as assets or liabilities if the IFRS for SMEs does not permit such recognition.
c. Reclassify items that it recognized under the previous accounting framework as one type of asset, liability
or component of equity, but a different type of asset, liability or equity under the IFRS for SMEs.
d. Apply the IFRS for SMEs in measuring all recognized assets and liabilities.
The resulting adjustments arising from transactions, other events and conditions before the date of transition
to IFRS for SMEs shall be recognized directly in retained earnings or another category of equity, if
appropriate.

SIGNIFICANT DIFFERENCES BETWEEN IFRS FOR SMEs AND FULL IFRS

1. Components of financial statements – Basically similar to full IFRS
When the only changes to the equity are a result of profit or loss, payment of dividends, prior periods
errors, changes in accounting policy, an SME is permitted but not required to present a “single
statement of income and retained earnings” instead of both a statement of comprehensive income and
statement of changes in equity.
Under Full IFRS, a statement of changes in equity is always required. A single statement of income and
retained earnings is prohibited under Full IFRS
2. Statement of financial position
Same definition of current assets, noncurrent assets, current liabilities and noncurrent liabilities
Same line items for SMEs and Full IFRS, except that the following line items are not required for SMEs:
a. Total of assets classified as held for sale.
b. Total of liabilities included in disposal group classified as held for sale.
Full IFRS requires presentation of investments in associates but not investment in joint ventures. IFRS
for SMEs requires presentation of both investments in associates and investments in joint ventures as
separate line items.
Paragraph 4.2 of IFRS for SMEs is amended to include as a separate line item investment property
carried at cost less accumulated depreciation and impairment.
3. Other of comprehensive income
Under full IFRS, the components of other comprehensive income include:
Reclassified to profit or loss
a. Translation gain or loss of foreign operation
b. Unrealized gain or loss on derivative contract as a cash flow hedge
c. Unrealized gain or loss on debt investment measured at FVOCI
Reclassified to retained earnings
a. Unrealized gain or loss on equity investment measured at FVOCI
b. Remeasurements of defined benefit plan
c. Revaluation surplus
d. Change in fair value attributable to the credit risk of financial liability designated at FVPL.
 COMPONENTS OF OCI UNDER IFRS FOR SMEs
Reclassified to retained earnings
a. Translation gain or loss of a foreign operation
b. Actuarial gain and loss – reporting actuarial gain and loss as OCI is optional because this may be
recognized in profit or loss
c. Revaluation surplus of property, plant and equipment
Reclassified to profit or loss
d. Change in fair value of hedging instrument
4. Natural and functional presentation of statement of comprehensive income
Same under Full IFRS and IFRS for SMEs.
5. Asset held for sale and discontinued operation
The IFRS for SMEs does not address noncurrent asset held for sale and discontinued operation.
6. Full IFRS and IFRS for SMEs have the same provisions with regard to notes to financial statements,
related parties, events after the end of reporting period, accounting changes and prior period
errors.
7. Inventories
An SME shall measure inventories at the lower of cost and estimated selling price less cost to complete
and sell. If the estimated selling price less cost to complete and sell is lower than cost, the writedown is
recognized as impairment loss.
Under full IFRS, inventories are measured at LCNRV. If the NRV is lower than cost, the writedown is
recognized as component of cost of goods sold.
8. Basic financial instruments of SMEs
1. Cash, demand and fixed term deposits or bank accounts
2. Trade accounts and notes receivable and loans receivable
3. Commercial papers or commercial bills – unsecured and short-term debt investment
4. Investments in nonputtable ordinary shares
5. Investments in nonconvertible and nonputtable preference shares
6. Accounts payable in local and foreign currency
7. Loans from bank and other third parties
8. Bonds payable, notes payable and similar debt instrument
9. Loans to or from subsidiaries or associates that are due on demand.
The investment in ordinary shares and nonconvertible preference shares is nonputtable:
a. When the entity does not have an option to sell the shares back to the issuer for cash.
b. When there is no arrangement that could result in the shares being automatically sold or returned to
the issuer because of a future event.
9. Nonbasic financial instruments of SMEs
1. Asset-backed securities, such collateralized mortgage obligations, repurchase agreements and
securitized packages or receivables
2. Derivative contracts
3. Hedging instruments
4. Commitment to make a loan to another entity
The following instruments are outside the scope of IFRS for SMEs:
1. Investments in subsidiaries
2. Investment in associate
3. Investment in joint venture
4. Financial instruments that meet the definition of an entity’s own equity
5. Leases
6. Employers’ right and obligation under employee benefit plans
7. Contract for contingent consideration in a business combination
8. Insurance contract
9. Share-based payment transaction
10. Reimbursement asset
10. Initial measurement of basic financial instruments
The IFRS for SMEs provides that basic financial instruments (basic financial assets and financial
liabilities) are initially measured at the transaction price, including transaction cost.
However, if the instrument is measured at fair value through profit or loss, the transaction cost is
expensed immediately.
11. Subsequent measurement of basic financial instruments
a. Basic debt instruments are measured at amortized cost using the effective interest method.
b. Investments in nonputtable ordinary shares and investments in nonconvertible and nonputtable
preference shares are measured at fair value through profit or loss if the shares are publicly
traded, or if the fair value can be measured reliably without undue cost or effort.
If the shares are not publicly traded or if the fair value cannot be measured reliably without undue
cost or effort, such investments are measured at cost less impairment.
12. Impairment of basic financial instruments
All amortized cost instruments must be tested for impairment.
The IFRS for SMEs provides that for a basic financial instrument measured at cost less impairment, the
impairment loss is the difference between the carrying amount of the asset and the best estimate of the
amount that would be received if the asset were sold.
Under full IFRS, the impairment loss is the difference between the carrying amount and the present
value of estimated future cash flows discounted at market rate of interest for similar asset.
For basic financial instrument measured at amortized cost, both full IFRS and IFRS for SMEs provide
that the impairment loss is the difference between carrying amount and the present value of cash flows
using the original effective rate.
13. Investments in associates
Full IFRS – Investments in associates are accounted for using the equity method.
SMEs – SMEs shall account for investments in associates using any of the cost model, the equity method
or fair value model and using the same accounting policy for all investments in associates.
14. Investment property
Full IFRS – Investment property is measured at either cost or fair value. There is a choice.
SMEs – Investment property is measured at fair value if the fair value can be measured reliably without
undue cost or effort on an ongoing basis. The fair value model is by circumstance not by choice. The
cost model is used when the fair value cannot be measured reliably without undue cost or effort.
Paragraph 4.2 of IFRS for SMEs provides that investment property measured using cost model is
presented as a separate line item “investment property at cost less accumulated depreciation and
impairment”.
15. Property, plant and equipment
IFRS for SMEs and full IFRS are now the same with respect to matters related to property, plant and
equipment such as measurement, depreciation method, useful life, residual value, impairment and
revaluation. Paragraph 17.5 of IFRS for SMEs is amended to allow now the revaluation of property,
plant and equipment of an SME.
16. Government grant
a. Under full IFRS, a government grant is recognized when there is a reasonable assurance that the
entity will comply with the specified conditions.
Under the IFRS for SMEs, a government grant is recognized when the conditions are actually
satisfied. Grant received before the recognition criteria are met is recognized as liability.
A government grant that does not impose conditions on the SME is recognized in income when the
grant proceeds are receivable.
b. Under full IFRS, grant related to asset may be treated either as deferred income or a reduction in the
carrying amount of the asset. There is no such option under the IFRS for SMEs.
17. Borrowing costs
Full IFRS – Borrowing costs that are directly attributable to the acquisition, construction or production
of a qualifying asset must be capitalized as part of the cost of the asset. All other borrowing costs are
expensed.
SMEs – All borrowing costs are expensed immediately when incurred.
18. Intangible assets
a. Under IFRS for SMEs, intangible assets are measured subsequently using the cost model only.
Under full IFRS, intangible assets are measured subsequently using either the cost model or
revaluation model. There is a choice under full IFRS.
b. Under IFRS for SMEs, the useful life of an intangible asset is considered to be finite. If the useful life
of an intangible asset cannot be estimated reliably, the useful life is determined by the best estimate
of management but not exceeding 10 years.
Under full IFRS, the useful life of an intangible asset is either finite or indefinite.
c. Under IFRS for SMEs, ALL INTANGIBLE ASSETS, INCLUDING GOODWILL, ARE
AMORTIZED.
Under full IFRS, intangible assets with a finite useful life are amortized over the useful life and
intangible assets with indefinite useful life are not amortized but tested for impairment.
19. Research and development costs
Under IFRS for SMEs, all research and development costs are expensed immediately when incurred.
Under full IFRS, research costs are expensed immediately when incurred. However, development costs
may be capitalized when specific criteria are met, particularly when technological feasibility has already
been established.
20. Impairment of assets
Under the IFRS for SMEs, intangible assets, including goodwill, are tested for impairment when there is
an indication that the asset may be impaired.
Under full IFRS, intangible assets with a finite useful life are tested for impairment when there is an
indication that the asset may be impaired. Goodwill and intangible asset with an indefinite useful life
are tested for impairment annually and when there is an indication that the asset may be impaired:
21. Provision and contingencies
Same principles for both IFRS SMEs and full IFRS.
22. Defined benefit liability
a. Full IFRS – The defined benefit obligation is the excess of the present value of the defined benefit
obligation at year-end over the fair value of plan assets at year-end.
SMEs – The defined benefit obligation is the same under full IFRS.
b. Actuarial gains and losses
Full IFRS - Actuarial gains and losses are recognized in other comprehensive income as
remeasurement of projected benefit obligation.
SMEs - Actuarial gains and losses are recognized either in profit or loss or other comprehensive
income. There is an option.
c. Past service costs
Full IFRS and SMEs – All past service costs are recognized immediately in profit or loss as
component of employee benefit expense.
23. Deferred tax asset and liability
IFRS for SMEs and full IFRS are now the same in accounting for income tax.
24. Lease accounting
IFRS for SMEs and IFRS 16 are the same with respect to lessor accounting.
However, with respect to lessee accounting, there seems to be a significant difference.
Under IFRS for SMEs, the lessee shall classify the lease as operating or finance based on the transfer of
risks and rewards incidental to ownership.
Under IFRS 16, a lessee is required to account for the lease as a finance lease. However, the lessee may
apply the operating lease model if the lease term is one year or less, or if the underlying asset is of low
value in accordance with the new lease standard.
25. EQUITY
IFRS for SMEs and full IFRS are practically the same with respect to :
a. Issuance of equity instrument
b. Treasury shares
c. Compound financial instrument
d. Equity swap
e. Dividends
26. Share-based payment transactions
Under full IFRS, the share options shall be measured at fair value on the date of grant. However, if the
fair value of the share options cannot be measured reliably, the intrinsic value of the share options is
used. The intrinsic value is the excess of the market price of the share over the option price.
Under IFRS for SMEs, the share options must be measured at fair value on the date of grant.
The intrinsic value is not mentioned as an alternative.
27. Specialized activities of an SME include:
a. Agriculture (biological asset)
b. Service concession
c. Exploration and evaluation of mineral resources
IFRS for SMEs and full IFRS are practically the same for agriculture and service concession.
28. Exploration and evaluation of mineral resources
Under full IFRS, the exploration and evaluation asset whether tangible or intangible shall be measured
subsequently using either the cost model or revaluation model.
Under IFRS for SMEs, the intangible exploration and evaluation asset is measured using the cost model
only. However, the tangible exploration and evaluation asset is measured using either cost model or
revaluation model.
29. Reconciliations required
1. Reconciliation of equity under the previous accounting basis to the equity under IFRS for SMEs
both at the:
a. Date of transition to PFRS for SMEs
b. End of the latest reporting period
2. Reconciliation of profit or loss under the previous accounting basis to the profit or loss under IFRS
for SMEs at the end of the latest reporting period.
PFRS FOR SMALL ENTITIES
The Philippine Securities and Exchange Commission defines Small Entities (SEs) as those entities:
a. With total assets between P3,000,000 and P100,000,000, or total liabilities between P3,000,000 and
P100,000,000.
b. That are not required to file financial statements under SEC SRC Rule 68.
c. That are not in the process of filing financial statements for the purpose of issuing any class of instruments
in a public market.
d. That are not holders of secondary license issued by a regulatory agency, such as bank, investment house
and other financial institutions.
Exemptions from IFRS for SEs
The following small entities are exempted from the mandatory adoption of PFRS for Small Entities and
instead may apply full IFRS or IFRS for SMEs, whichever is appropriate:
1. A small subsidiary of a parent under full IFRS or IFRS for SMEs
2. A small subsidiary of a foreign parent moving toward full IPRS or IFRS for SMEs
3. Part of a group either as a joint venture or associate reporting under full IFRS or IFRS for SMEs
4. A small branch office of a foreign company reporting under full IFRS or IFRS for SMEs
5. A small entity with short-term projection that shows it will breach the quantitative threshold and the
breach is expected to be significant and continuing due.
6. A small entity which has been preparing financial statements under full IFRS or IFRS for SMEs and has
decided to liquidate.
Components of financial statements
A complete set of financial statements of a small entity shall include all of the following:
1. Statement of financial position
2. Statement of income
3. Statement of changes in equity
4. Statement of cash flows
5. Notes to financial statements
A small entity does not recognize other comprehensive income. All items of income and expenses are
recognized in profit or loss. The statements of income and changes in equity can be combined if the only
changes arise from:
a. Profit or loss
b. Payment of dividend
c. Correction of prior period errors
d. Changes in accounting policy
Change in accounting policy, accounting estimate and prior period errors
Same as full IFRS, except that comparative information shall not be restated for a small entity.
Basic financial instruments
Under PFRS for Small Entities, the basic financial instruments are:
1. Cash
2. Bank deposits
3. Trade receivables and payables
4. Loans receivable and payable
5. Notes receivable and payable
6. Investments in nonconvertible preference shares and nonputtable ordinary shares
Basic financial instruments of small entities are initially measured at transaction price including transaction
costs. Subsequent measurement:
1. Debt instruments are measured at amortized cost using the effective interest method.
2. Investment in unquoted shares shall be carried at cost less impairment.
3. However, investment in shares traded in an active market shall be measured at the lower of cost or fair
value, with changes in fair value recognized in profit or loss.
Impairment
1. If the financial asset is measured at amortized cost, the impairment loss is the excess of carrying amount
over the present value of cash flows.
2. If the financial asset is measured at cost, the impairment loss is the excess of carrying amount over the
best estimate of selling price.
Inventories
Inventories are initially measured at cost determined by using FIFO, weighted average and specific
identification. Inventories are subsequently measured at the lower of cost or market value. The market value
is determined as the probable selling price to willing buyers at reporting date.
The lower of cost or market value is applied individually to each item of inventory or to group of similar
items. If the market value is lower than cost, the difference is accounted for as an impairment loss.
Investment in associates
An investor shall account for all of its investments in associates using one of the following:
1. Cost model
2. Equity method
Investment property
Investment property is initially measured at cost.
After recognition, a small entity shall choose as its accounting policy either the cost model or fair value
model and shall apply that policy to all of its investments property.
Under the cost model, the investment property is carried at cost less accumulated depreciation and any
accumulated impairment losses.
Under the fair value model, the investment property is carried at fair value at each reporting date with changes
in fair value recognized in profit or loss.
If reliable measure of fair value is no longer available without undue cost or effort for an item of investment
property, the investment property is accounted for using the cost model. Carrying amount at the date of
change becomes the cost of the investment property.
Property, plant and equipment
An entity shall measure property, plant and equipment initially at cost. Subsequently, a small entity shall
choose as its accounting policy either the cost model of fair value model and shall apply that policy to an
entire class of property, plant and equipment.
Under the cost model, a small entity shall measure the property, plant and equipment at cost less accumulated
depreciation and any accumulated impairment losses.
Under the fair value model, a small entity shall measure property, plant and equipment at fair value at each
reporting date with any changes in fair value recognized in profit or loss.
If fair value is no longer available without undue cost or effort, the property, plant and equipment shall be
accounted for using the cost model. The carrying amount of the property, plant and equipment on that date
becomes the cost.
Recognition of monetary government grant
a. A grant that does not impose specified future performance conditions is recognized in income when the
grant proceeds are receivable.
b. A grant that imposes specified future performance conditions is recognized in income only when the
performance conditions are met.
c. Grant received before the revenue recognition criteria are met is recognized is liability.
Recognition of nonmonetary government grant
The small entity has an accounting policy choice using either:
a. No recognition
b. Recognition at fair value
Intangible assets other than goodwill
A small entity shall initially measure an intangible asset at cost. Subsequently, the intangible asset shall be
measured using the cost model. Under the cost model, the intangible asset shall be measured at cost less
accumulated amortization and any accumulated impairment losses.
All intangible assets of a small entity shall be considered to have a finite life. All intangible assets including
goodwill are amortized over the useful life. If the small entity is unable to make a reliable estimate of the
useful life of an intangible asset, the life shall be determined based on the best estimate of management but
shall not exceed ten years.
Impairment of assets
If the recoverable amount of an asset is less than carrying amount, an impairment loss is recognized by
reducing the carrying amount to recoverable amount. The recoverable amount of an asset is the higher
between fair value less cost of disposal and value in use.
Biological assets
A small entity engaged in agricultural activity has an option to measure biological asset applying either:
a. Cost model
b. Current market price model
Under the cost model, the biological asset is measured at cost less any accumulated depreciation and any
accumulated impairment losses. Under the current market price model, the biological asset is measured on
initial recognition and at each reporting date at current market price. Any changes in current market price
shall be recognized in profit or loss. The current market price is the probable selling price to willing buyers
as of reporting date.
Measurement of agricultural produce
Agricultural produce harvested from an entity’s biological asset shall be measured at current market price at
the point of harvest. Such measurement is the cost at that date when the harvested agricultural produce is
accounted for as inventory.
Provision and contingent liability
A small entity shall recognize a provision only when:
a. The entity has an obligation at the reporting date as a result of a past event.
b. It is probable that the entity will be required to transfer economic benefit in settlement.
c. The amount of the obligation can be estimated reliably.
Provision is both probable and measurable. The provision shall be measured at the best estimate of the amount
required to settle the obligation at the reporting date.
Contingent liability is not recognized but only disclosed when either probable or measurable but not both.
No need for disclosure if the contingent liability is remote.
Leases
A small entity shall apply the operating lease model. There is no finance lease for a small entity. All rental
receipts shall be recognized as rent income and all rental payments shall be recognized as rent expense.
Income Tax
A small entity shall make an accounting policy choice using either.
a. Taxes payable method - The small entity shall recognize a current tax liability for the tax payable on
taxable income for the current and past periods. If this method is adopted, the small entity does not
recognize a deferred tax asset or liability.
b. Deferred income taxes method - The small entity shall recognize a deferred tax liability for future taxable
amounts and deferred tax asset for future deductible amount in addition to current tax
Employee benefits
The accrual method is used in calculating the benefit obligation in accordance with the minimum retirement
benefits under R.A. 7641 or the Philippine Retirement Pay Law. This means that only the defined contribution
plan is followed. However, any company policy is followed if superior or higher than R.A.7641.
The accrual approach is applied by calculating the expected liability as of reporting date using the current
salary of the employees and the years of service. No consideration is made for changes in future salary and
service period. Moreover, there is no recognition of actuarial gains and losses.
Equity
Equity is the residual interest in the assets of an entity after deducting all its liabilities.
a. An entity shall measure the equity instruments at the amount of cash received.
b. If the payment is deferred and the time value of money is material, the initial measurement shall be on a
present value basis.
c. If the equity instruments are exchanged for resources other than cash, the equity instruments shall be
recognized at the fair value of the resources.
d. An entity shall account for the transaction cost as a deduction from equity, net of any related income tax
benefit.
An entity shall reduce equity for the amount of distributions or dividends to owners, net of any related tax
benefit.
Share-based payments
For equity settled share-based payment transactions, a small entity shall measure the goods or services
received and the corresponding increase in equity with reference to the net asset value of the equity
instruments granted.
Net asset value is derived by dividing the total assets less liabilities by the number of shares outstanding at
measurement date. Actually, this is equivalent to the book value per share.
For cash settled share-based payment transactions, a small entity shall measure the goods or services acquired
and the liability incurred at the fair value of the liability.
The entity shall remeasure the fair value of the liability at each reporting date with any changes in fair value
recognized in profit or loss for the period.
Revenue - The recognition criteria include the following:
1. The probability that the economic benefits associated with the transaction will flow to the entity.
2. The revenue and costs can be measured reliably.
A small entity shall measure revenue at the fair value of the consideration received or receivable. The fair
value of the consideration received or receivable is after deducting the amount of any trade discount, prompt
payment settlement discount and volume rebate. The fair value also takes into account the time value of
money.
A small entity shall apply the accrual basis of recognizing revenue and expense.
Transition to PFRS for Small Entities
In its opening statement of financial position at transition date, the small entity shall:
a. Recognize all assets and liabilities whose recognition is required by PFRS for Small Entities.
b. Not recognize assets and liabilities if PFRS for Small Entities does not permit such recognition.
c. Reclassify items that it recognized under the previous accounting framework as one type of asset, liability
or component of equity but are a different type of asset, liability or component of equity under the PFRS
for Small Entities.
d. Apply PFRS for Small Entities in measuring recognized assets and liabilities.
The date of transition to PFRS for Small Entities is the beginning of the earliest period for which full
comparative information is presented in accordance with PFRS for Small Entities.