The draft Q&As cover the following topics:
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application of the 'IFRS for SMEs' for financial periods ending before the 'IFRS for SMEs' was issued;
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interpretation of ‘undue cost or effort’ and ‘impracticable’;
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jurisdiction requires fallback to full IFRSs;
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departure from a principle in the 'IFRS for SMEs';
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prescription of the format of financial statements by local regulation.
The SMEIG is responsible for assisting the IASB on matters relating to the implementation of the IFRS for SMEs, which is a self-contained standard designed to meet the needs and capabilities of small and medium-sized entities. The SMEIG is currently reviewing comments received on three other draft Q&As, for which the comment period ended in June 2011.
Press release
© IASB - International Accounting Standards Board
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