SME Implementation Group Publishes Two Final Q&As
The IASB's SME Implementation Group (SMEIG) has published two final questions and answers (Q&As) on the IFRS for SMEs. Q&As are non-mandatory guidance.
The two Q&As published today - Q&A 2012/01 Application of ‘undue cost or effort’ and Q&A 2012/02Jurisdiction requires fallback to full IFRSs - were part of a package of five draft Q&As that were published by the SMEIG in September 2011. After considering the public comments on the drafts the SMEIG decided not to finalise the Q&As on the following topics:
o Application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued,
o Departure from a principle in the IFRS for SMEs, and
o Prescription of the format of financial statements by local regulation.