EFRAG issued its comment letter in response to the second batch of draft Q&As to the IFRS for SMEs: Captive insurance subsidiaries; Interpretation of "traded in a public market"; and Investment funds with only a few participants.
The
IFRS Foundation's SME Implementation Group (SMEIG), which assists the
IASB in supporting the implementation of the
IFRS for SMEs, published on 14 April 2011 three draft Q&As for public comment.
Considering that four draft Q&As have now been issued on the first three (out of more than 750) paragraphs of the
IFRS for SMEs,
EFRAG is concerned that the
SMEIG is not focusing on a limited number of pervasive issues when issuing Q&As, as specified in its terms of reference and operating procedures.
EFRAG therefore thinks that the
SMEIG has to develop guidelines for dealing with the Q&As that could assist the
SMEIG in avoiding the creation of extensive additional literature.
In its comment letter,
EFRAG therefore also recommends the
SMEIG to reconsider issuing the three Q&As proposed, and instead to issue Q&As with a broader scope.
Press release
© EFRAG - European Financial Reporting Advisory Group
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