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Tuesday 02 September 2014

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Exposure Draft [October 2013]


Exposure Draft and Comment letters


The International Accounting Standards Board (IASB) today published for public comment an Exposure Draft of proposed amendments to the IFRS for SMEs, which it developed based on its initial comprehensive review of the IFRS for SMEs.

When it issued the IFRS for SMEs in July 2009, the IASB stated its plans to undertake an initial comprehensive review of the IFRS for SMEs to enable it to assess the first two years’ experience that entities would have had in implementing it and to consider whether there is a need for any amendments. In many jurisdictions, companies started using the IFRS for SMEs in 2010. Consequently, the IASB commenced its initial comprehensive review in 2012.

In order to assist in the process of identifying which items to consider for amendment the IASB issued a Request for Information in June 2012 to seek public views and consulted with the SME Implementation Group, an advisory body to the IASB. After considering the feedback it received, and taking into account the fact that the IFRS for SMEs is still a new Standard, the IASB only proposes to make limited amendments to the IFRS for SMEs.

Most of the proposed amendments clarify existing requirements or add supporting guidance, rather than propose changes to the underlying requirements in the IFRS for SMEs.  Consequently, for most SMEs, the proposals are expected to improve understanding of the existing requirements, without having a significant effect on the entity’s financial reporting practices and financial statements.

Comment letter deadline

The Exposure Draft comment period closed on 3 March 2014.

Please note: when submitting a comment letter or when communicating with the IFRS Foundation, the IASB or any of its constituent bodies, you acknowledge and accept the IFRS Foundation Written Communication policy which details how we use and process your data.

View the Comment letters.

 

Due process documents
Exposure Draft: IFRS for SMEs: Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entities [PDF]
Exposure Draft: IFRS for SMEs: Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entitie: Basis for Conclusions  [PDF] [eIFRS registration required*]
Proyecto de Norma: Modificaciones propuestas a la Norma Internacional de Información Financiera para las Pequeñas y Medianas Entidades (NIIF para las PYMES) [PDF]
Recepción de comentarios hasta el 3 de marzo de 2014
Proyecto de Norma: Modificaciones propuestas a la Norma Internacional de Información Financiera para las Pequeñas y Medianas Entidades (NIIF para las PYMES): Fundamentos de las Conclusiones [PDF] [eIFRS registration required*]

 

 

* The Basis for Conclusions is free to download for private, non-commercial use. You need to be a registered user to access the IFRS for SMEs; the registration is free of charge. eIFRS subscribers, registered users of our webshop or public site can access the material with their username and password. Click here if you have forgotten your password.

Not Registered? Click here to register. 

Once you have registered, return to this page and enter your username and password, when requested, to access the IFRS for SMEs.

Copyright and terms of use
By accessing the IFRS for SMEs you agree that you have read and understood the full terms of use and our copyright. All rights, including copyright, in the content of these web pages are owned or controlled by the IFRS Foundation and may not be hosted on any other website or translated, reprinted or reproduced in any way. Downloading and printing of the IFRS for SMEs and related content is for private and non-commercial use only.

 

Contact us

Michelle Fisher
Senior Technical Manager, IFRS for SMEs
email: mfisher@ifrs.org