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