The SME Implementation Group (SMEIG) today published two question and answer documents (Q&As) on the IFRS for SMEs:
These two Q&As contain guidance to help entities assess whether they have public accountability and, therefore, whether they meet the scope requirements in Section 1 of the IFRS for SMEs.
The final Q&As reflect the input that the SMEIG received on the publication of three draft Q&As in April 2011 on these topics.
Q&As published by the SME Implementation Group are non-mandatory guidance that will help those who use the IFRS for SMEs to think about specific accounting questions. They are not intended to modify in any way the application of full IFRSs
Review of the IFRS for SMEs
When the International Accounting Standards Board (IASB) issued the IFRS for SMEs in 2009, it made a commitment to undertake a post-implementation review of the standard. The IASB expects to initiate the comprehensive review in 2012. The review is expected to include a request for public comments on amendments that should be considered for the IFRS for SMEs. As part of the review, the IASB will also consider incorporating Q&As into the revised IFRS for SMEs. For that reason, the SMEIG does not expect that it will issue many, if any, additional draft Q&As before the start of the comprehensive review.
Following the review, the IASB plans to consider amendments to the IFRS for SMEs approximately once every three years.