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This update was first published in the November 2011 UK edition of Accounting and Business magazine

The SME Implementation Group of the IFRS Foundation has issued for comment five draft Q&As relating to IFRS for SMEs. The drafts address the following:

  • The application of IFRS for SMEs to periods that end before the application date of the standard.
  • Interpretation of the terms ‘undue cost’ and ‘impracticable’.
  • The circumstances where a jurisdiction permits all entities meeting the definition of an SME to apply IFRS for SMEs, but requires reference to full IFRS in circumstances where IFRS for SMEs does not address a particular transaction, event or condition.
  • Departure from a principle in IFRS for SMEs.
  • Prescription of the format of financial statements by local regulation.

    Yvonne Lang, director, and Kern Roberts, associate director, Smith & Williamson

Last updated: 1 Apr 2014