The IFRS Foundation Trustees have approved the appointment of IASB member Darrel Scott as Chairman of the SME Implementation Group (SMEIG), replacing Paul Pacter, whose term at the IASB ended on 31 December 2012. The mission of the SMEIG is to support the international adoption of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and to monitor its implementation.
The group has two main responsibilities:
- to develop non-mandatory guidance for implementing the IFRS for SMEs in the form of questions and answers that will be made publicly available on a timely basis; and
- to make any necessary recommendations to the IASB for amendments to the IFRS for SMEs.
The SMEIG will meet on 4 and 5 February 2013 to consider responses to the June 2012 Request for Information Comprehensive Review of the IFRS for SMEs and to develop recommendations to the IASB on possible amendments to the IFRS for SMEs.
The IFRS Foundation Trustees also approved changes to the Terms of Reference and Operating Procedures for the SMEIG to reflect the Trustees' decisions in October 2012 to expand the SMEIG to approximately 30 members and to provide for staggered expirations of members' terms, with effect from 1 July 2014.