Comprehensive Review 2012-14
The IASB is conducting a comprehensive review of the IFRS for SMEs to consider whether there is a need for any amendments to the standard.
When the IASB issued the IFRS for SMEs in July 2009, it said that it would undertake an initial comprehensive review of the Standard to enable the IASB to assess the first two years’ experience in implementing the Standard and consider whether there is a need for any amendments. Companies have been using the IFRS for SMEs in 2010 and 2011. Therefore, the initial comprehensive review commenced in 2012. The IASB also said that, after the initial review, it expected to consider amendments to the IFRS for SMEs approximately once every three years.
The SME Implementation Group (SMEIG), an advisory body to the IASB, is providing recommendations to the IASB throughout the comprehensive review of the IFRS for SMEs, including recommendations about possible amendments.
Specifically, the SMEIG and the IASB will consider whether to amend the IFRS for SMEs:
- to incorporate issues that were addressed in the Q&As;
- for new and amended IFRSs issued since the IFRS for SMEs was published; and
- to reflect any other issues, eg implementation issues identified by constituents, that may necessitate a change in the standard.
Request for Information
On 26 June 2012 the IASB issued a Request for Information as the first step in that initial comprehensive review. The deadline for comment is 30 November 2012. The IASB has issued a Microsoft Word Optional Response Document which may be used by people to respond to the Request for Information.
Click here for instructions on how to submit a comment letter and to access all comment letters.
Timetable
An estimate of the timetable for the review is as follows:
Second quarter of 2012 ─ Review gets under way. The IASB staff prepares a Request for Information incorporating suggestions by the SMEIG. The SMEIG review and approve the Request for Information, and recommend that the IASB approve the publication of the Request for Information for public comment. The IASB reviews and approves the Request for Information.
26 June 2012 ─ The Request for Information is issued (posted on the IASB website, with website news story and press release). The public are invited to make recommendations on possible amendments to the IFRS for SMEs. Minimum 120 day comment period.
Late June 2012 ─ The Request for Information is issued (posted on IASB website, with website news story and press release). The public are invited to make recommendations on possible amendments to the IFRS for SMEs.
30 November 2012 ─ Comment deadline on the Request for Information.
First half of 2013 ─ The SMEIG reviews responses to the Request for Information and makes recommendations to the Board on possible amendments.
Second and third quarter of 2013 ─ The IASB deliberates amendments and develops and approves an Exposure Draft (ED) of proposals.
Second half of 2013 ─ The SMEIG reviews responses to the ED and makes recommendations to the IASB.
Second half of 2013 ─ The IASB deliberates amendments to proposals in the ED and agrees final revisions to IFRS for SMEs.
Second half of 2013 or first half of 2014 ─ The IASB publishes final revisions to the IFRS for SMEs.
Target date in 2015 ─ Effective date of revisions.
Past discussion by the IASB
The Board discussed and approved the issuance of the Request for Information at its June 2012 meeting (note, this document was called an 'Invitation to Comment' in the agenda papers for the meeting and has been retitled).
Click here to download the agenda papers where the Board is asked to approve the Request for Information (three papers combined in one ZIP file 1.1 MB).