The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards (IFRSs) and the oversight of the International Accounting Standards Board (IASB), today announced the membership of the newly created SME Implementation Group.
The mission of the Group is to support the international adoption of the IFRS for Small and Medium-sized Entities (IFRS for SMEs) and to monitor its implementation. The Group has two main responsibilities:
(a) to develop non-mandatory guidance for implementing the IFRS for SMEs in the form of questions and answers that will be made publicly available on a timely basis; and
(b) to make recommendations to the IASB if and when needed regarding amendments to the IFRS for SMEs.
The IFRS Foundation invited applications for membership of the Group in March 2010 and received almost 90 applications. The members of the Group were selected on the basis of their knowledge and experience in the financial reporting of SMEs. Although members of the Group do not act as country representatives, the Trustees of the IFRS Foundation have sought to ensure a balanced geographical distribution in selecting its members. Representatives of the European Commission and the European Financial Reporting Advisory Group (EFRAG) will participate in the work of the Group as observers.
The members of the Group will serve a renewable term of two years from July 2010.
A full list of members is available
Mark Byatt, Director of Corporate Communications, IASB
Telephone: +44 (0)20 7246 6472
Sonja Horn, Communications Manager, IASB
Telephone: +44 (0)20 7246 6463