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IFRS for SMEs

Meeting Summaries and Observer Notes


 IASB April 2009


 

 

Name of the Standard

The letters of comment on the ED expressed a wide range of views on what the name of the standard should be. The Board has discussed the name on several occasions during its redeliberations. In March 2009 the Board decided to raise the issue with the National Standard-Setters (NSS) at their meeting earlier this month. After considering the various views it has received, the Board decided that the name of the standard will be International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), as proposed in the ED.

Issues arising in drafting the pre-ballot draft

The Board discussed three issues arising from the pre-ballot draft of the final IFRS for SMEs and decided tentatively:

  • to add disclosure requirements similar to those in paragraph 41 of IAS 27 Consolidated and Separate Financial Statements.
  • that if an entity elects to use IAS 39 Financial Instruments: Recognition and Measurement instead of the two financial instruments sections in the IFRS for SMEs, the entity should provide the disclosures required by the IFRS for SMEs rather than those required by IFRS 7 Financial Instruments: Disclosures. However, the Board asked the staff to prepare a comparison of the two sets of disclosures and circulate it to Board members. If Board members think there is a significant omission in the disclosures in the pre-ballot draft, that issue will be raised at the Board meeting in May.
  • not to include in the appendix to the section on provisions an example that would illustrate a calculation of a provision for settlement of a lawsuit.

 

Date: 4/24/2009