SMEIG’s First Meeting to be Held on 4-5th February 2013
The International Accounting Standards Board has made announcements regarding the 1st meeting of the SMEIG that would be held on 4th and 5th of February in 2013.
The primary aim of the SME Implementation Group’s meeting is to hold discussions pertaining to the responses of public regarding Request for Information: Comprehensive Review of the IFRS for SMEs, which was released in the month of June in 2012. The meeting will also focus on developing a complete list of particular recommendations to the International Accounting Standards Board for amending IFRS for small and medium enterprises.
The Request for Information focuses on a number of areas which could possibly be improved. These include two parts. Part A consists of particular question on specific section of the International FRS for small and medium enterprises for the respondents. These matters were constantly raised by the parties that were interested. The respondents have also been invited to bring forth other particular matters they could be having with regard to changes that are possible to incorporate in specific sections of the International FRS for small and medium enterprises.
On the other hand, part B consists of general queries about the International Financial Reporting Standards for small and medium enterprises. The respondents have been invited to highlight other matters they could be having with regard to changes to the International Financial Reporting Standards for small and medium enterprises. The last date for receiving public related responses to the Request for Information is 30th November.
The primary aim of SMEIG is to encourage the adoption of IFRS internationally for small and medium enterprises as well as keep an eye on the IFRS implementation procedure. In addition to this, SMEIG also aims to consider questions pertaining to implementation that have been highlighted by the IFRS users for small and medium enterprises, decide on what the guidance must be like, design proposed guide in Q&A format, which will be made available publicly to parties that are interested on time as well as request International Accounting Standards Board to give their approval to the questions and answers pertaining to the issue.