IASB Consults on IFRS for Small Business

Tuesday, November 22, 2011 Print Email

The International Accounting Standards Board (IASB) is consulting on possible amendments to International Financial Reporting Standards (IFRS) for SMEs, ahead of a comprehensive review next year.

The SME Implementation Group (SMEIG) has published two draft questions and answers Q&As. These cover whether an entity may choose to apply the recognition and measurement provisions of IFRS 9, and whether the recycling of cumulative exchange differences on disposal of a subsidiary is prohibited. The drafts are open for comment until 31 January 2012.

When the IASB issued the IFRS for SMEs in 2009, it announced its intention to undertake a post-implementation review of the standard after a broad range of entities had been applying the IFRS for SMEs for two years. This is now scheduled to begin in 2012 and is expected to include a request for public comments on possible amendments.

The review will also consider all Q&As for possible incorporation into the revised IFRS for SMEs. For that reason, the SMEIG does not expect that it will issue many, if any, additional Q&As before the review starts. Once this review is concluded, the IASB plans to consider amendments to the IFRS for SMEs approximately once every three years.

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