Compared with full IFRSs (and many national GAAPs), the IFRS for SMEs is less complex in a number of ways

• Topics not relevant for SMEs are omitted. Examples: earnings per share, interim financial reporting, and segment reporting.
• Where full IFRSs allow accounting policy choices, the IFRS for SMEs allows only the easier option. Examples: no option to revalue property, equipment, or intangibles; a cost-depreciation model for investment property unless fair value is readily available without undue cost or effort.
• Many principles for recognising and measuring assets, liabilities, income and expenses in full IFRSs are simplified. For example, amortise goodwill; expense all borrowing and R&D costs; cost model for associates and jointly-controlled entities; no available-for-sale or held-to-maturity classes of financial assets.
• Significantly fewer disclosures are required (roughly a 90 per cent reduction).
• The standard has been written in clear, easily translatable language.
• To further reduce the burden for SMEs, revisions to the IFRS will be limited to once every three years.

http://www.ifrs.org/IFRS+for+SMEs/IFRS+for+SMEs.htm

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