News
IASB Sets Up Procedure for Receiving Implementation Issues on the IFRS for SMEs
27-Jan-2016
LONDON - The International Accounting Standards Board has set up a procedure whereby small companies and other interested parties can submit implementation issues on the IFRS for SMEs for consideration.
During the recent comprehensive review of the IFRS for SMEs—the Standard developed for entities that do not have public accountability and that prepare general purpose financial statements—the Board decided that a procedure should be established to allow constituents to submit implementation issues on the IFRS for SMEs. Submitted issues will be dealt with by staff in one of two ways:
Staff will refer the issue for consideration by the SME Implementation Group (SMEIG) if the issue is likely to meet the criteria in paragraph 15 of the Terms of Reference and Operating Procedures for the SMEIG (requiring that the issue is pervasive; that unintended or inconsistent implementation has or is likely to occur because of lack of clarity in the Standard; and that the SMEIG can reach a consensus on the appropriate treatment on a timely basis). For these issues the SMEIG will then consider whether to develop non-mandatory implementation guidance to address the issue in the form of questions and answers (Q&As).
Other issues will be considered by the staff when updating our education material or held for consideration during the next periodic review of the IFRS for SMEs, as applicable.