The SME Implementation Group, responsible for assisting the IASB on matters related to the implementation of the IFRS for SMEs, published its first question and answer guidance on the IFRS for SMEs that is set out in Q&A 2011/01 'Use of the IFRS for SMEs in a Parent’s Separate Financial Statements'.
Developing non-mandatory and timely guidance on specific accounting questions that are being raised by those implementing the
IFRS for SMEs is one of the two main responsibilities of the SME Implementation Group. The other is to make recommendations to the
IASB regarding amendments to the
IFRS for SMEs. Those recommendations will be considered when the
IFRS for SMEs is updated, approximately every three years.
Q&A 2011/01 addresses whether a parent entity that itself does not have public accountability may present its separate financial statements in accordance with the
IFRS for SMEs if it is part of a group that is required (or elects) to present consolidated financial statements in accordance with full IFRSs.
Press release
© 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