IFRS for SMEs for Trust – how can it be applied?

Hello,

I am working through ACCA material, and noted that for IFRS for SMEs to be applied, the Company should not hold assets in a fiduciary capacity for a broader group of outsiders as one if its primary businesses. However, the material doesn’t go further than that.

I was wondering based on practical example that I know of, what does a company that engages in Trust business have to do to be able to apply the requirements of IFRS for SMEs, or will they always have to prepare their FS under full IFRS?

Tom