The IFRS Foundation has published draft guidance on the IFRS for SMEs Standard, calling for stakeholder feedback. The guidance has been developed by the SME Implementation Group (SMEIG).
The draft guidance is in the form of a questions and answers (Q&A) document and addresses the accounting treatment for a financial guarantee issued by a parent company in that parent company's separate financial statements.
The SMEIG is responsible for assisting the IASB on matters related to the implementation of the IFRS for SMEs Standard. Developing non-mandatory and timely guidance on specific accounting questions raised by those implementing the Standard is one of the two main responsibilities of the SMEIG. The other is to make recommendations to the IASB regarding amendments to the Standard.
The consultation is open for comment until 1 September 2017.
Full press release
Consultation paper
© IASB - International Accounting Standards Board
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article