IFRS Foundation Issues Draft Guidance for SMEs
The International Financial Reporting Standards (“IFRS”) Foundation is requesting feedback related to its draft guidance regarding the IFRS for SMEs (small and medium-sized enterprises) Standard. Announced in a June 26 press release , the draft guidance is in a question-and-answer format and was authored by the SME Implementation Group. The draft guidance includes answers on how a parent company should disclose a financial guarantee in its financial statements. Comments on the draft guidance are due Friday, September 1.
IASB Establishes New Process for IFRS for SMEs
Earlier this month, the International Accounting Standards Board (“IASB”) announced a new process for stakeholders to submit issues associated with the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs). The new process is the result of a review completed last year and asks individuals or companies to email a description of the implementation issue to the SME Implementation Group (SMEIG) . Upon receiving the submitted issue, the IASB staff will perform the following actions: If the IASB staff believes the issue could meet the criteria under paragraph 15 of the Terms of Reference and Operating Procedures for the SMEIG, the issue will be referred to the SMEIG for consideration regarding. Read More.