Global Standards for the world economy

Saturday 27 May 2017

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Exposure draft and comment letters


 Exposure drafts and comment letters


The International Accounting Standards Board has published for public comment the Exposure Draft of its International Financial Reporting Standard for Small and Medium-sized Entities.

The aim of the proposed standard is to provide a simplified, self-contained set of accounting principles that are appropriate for smaller, non-listed companies and are based on full International Financial Reporting Standards (IFRSs), developed primarily for listed companies. By removing choices for accounting treatment, eliminating topics that are not generally relevant to SMEs and simplifying methods for recognition and measurement, the resulting draft standard reduces the volume of accounting guidance applicable to SMEs by more than 85 per cent when compared with the full set of IFRSs. As a result, the Exposure Draft offers a workable, self-contained set of accounting standards that would allow investors for the first time to compare SMEs’ financial performance across international boundaries on a like for like basis.

Comment letters

 Comments were required by the 1 October 2007, the comment period is now closed.

To view all he comment letters for Exposure draft click here.