Expansion of the SMEIG Membership by the IFRS Foundation
The Foundation Trustees of the International Financial Reporting Standards IFRS, are presently seeking membership nominations of the Small and Medium Enterprise Implementation Group which recommends the international adoption of the ‘International Financial Reporting Standards for the Small and Medium sized organizations and at the same time monitoring and evaluating its implementation. Nomination Invitations have been called out in unison with the SMEIG restructuring as it gets ready to obtaining feedback on the IASB’s proposed amendments to the International Financial Reporting Standards for Small and Medium Enterprises.
Up to 20 members are being sought by the Trustees whose expected date of appointment is 1st July 2014 and bearing in mind the existing members expected expiry term. This will have members increased from 22 to about 30 members as per the decision of the Trustees in October 2012.
SMEIG is tasked with the responsibility for questions and answers development with regard to SME’s IFRS and also making recommendations to IASB on the standard’s amendments. Under the terms of reference revised and operating procedures that are being developed presently for the SMEIG publication expected to be published in February 2014, the Q & As expect to be revised in order to create a two tier approach that is a resultant to a guidance that is authoritative and optional materials of education.
The SMEIG new structure will talk about feedback that is composed of the IASB Exposure draft ED/2013/9 which focuses on the IFRS for SMEs proposed amendments and give proposals to the IASB on the final amendments regarding the same at the second half of the year 2014. The IASB is projected to consequently deliberate the proposals in the second half of year 2014 and the IFRS for SMES finalized amendments expected in the first half year of 2015. Note that the SMEIG membership nominations close on 28th February 2014.
Paul Pacter is a former IASB member of the board who currently issued an adoption of the international adoption of IFRS. He is of the opinion that IFRS is the official language in financial reporting and it should also be the international accounting standard. Further he recommends the use of IFRS for SMES.
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