SME Implementation: Q&A Guidance
The SME Implementation Group, responsible for assisting the International Accounting Standards Board (IASB) on matters related to the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), published today its first question and answer (Q&A) guidance on the IFRS for SMEs. The guidance is set out in Q&A 2011/01 Use of the IFRS for SMEs in a Parent’s Separate Financial Statements.
Developing non-mandatory and timely guidance on specific accounting questions that are being raised by those implementing the IFRS for SMEs is one of the two main responsibilities of the SME Implementation Group. The other is to make recommendations to the IASB regarding amendments to the IFRS for SMEs. Those recommendations will be considered when the IFRS for SMEs is updated, approximately every three years.
Q&A 2011/01 addresses whether a parent entity that itself does not have public accountability may present its separate financial statements in accordance with the IFRS for SMEs if it is part of a group that is required (or elects) to present consolidated financial statements in accordance with full IFRSs.
All final Q&As and draft Q&As can be accessed here.
Start free ReadyRatios
reporting tool now!
Last Accounting News
- IFRS Foundation Publishes IFRS Taxonomy 2018
- IASB Urged to Improve Standards-setting Processes
- FSB Encourages Insurers to Act on the New Insurance Standard
- IFRS Foundation Trustees and the IASB Meets with the Japanese Stakeholders in the Wake of More Japanese companies Adopting IFRS Standards
- IASB Replaces IFRS 4 with the Issuance of a New Standard on Insurance Accounting
- IASB has Proposed Minor Amendments to IFRS 9 Relating to the Measurement of Financial assets with Prepayment Feature
- AAT Has Been Approved as an Apprentice Assessment Organization