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IFRS Foundation Issues Draft Guidance for SMEs

The International Financial Reporting Standards (“IFRS”) Foundation is requesting feedback related to its draft guidance regarding the IFRS for SMEs (small and medium-sized enterprises) Standard. Announced in a June 26 press release , the draft guidance is in a question-and-answer format and was authored by the SME Implementation Group. The draft guidance includes answers on how a parent company should disclose a financial guarantee in its financial statements. Comments on the draft guidance are due Friday, September 1.

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