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IFRS Foundation Issues Draft Guidance for SMEs

The International Financial Reporting Standards (“IFRS”) Foundation is requesting feedback related to its draft guidance regarding the IFRS for SMEs (small and medium-sized enterprises) Standard. Announced in a June 26 press release , the draft guidance is in a question-and-answer format and was authored by the SME Implementation Group. The draft guidance includes answers on how a parent company should disclose a financial guarantee in its financial statements. Comments on the draft guidance are due Friday, September 1.

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Second FAF Payment Sent to IFRS Foundation

As part of the convergence process between the International Accounting Standards Board (“IASB”) and Financial Accounting Standards Board (“FASB”), the Financial Accounting Foundation (“FAF”) has sent the second $1 million payments to the IFRS Foundation. The second installment occurred in June and a final payment is expected later this year. FAF trustees have not recently discussed the third payment and do not plan to anytime soon, and the subject was not mentioned during the public portion of the August 19th quarterly meeting. Due to previous complaints, the lack of discussion is surprising to some. Before being announced, Securities and Exchange. Read More.

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