The IFRS for SMEs Update is a quarterly staff summary of news, events and other information about the IFRS for SMEs Standard and related SME activities. The staff summary has not been reviewed by the International Accounting Standards Board (Board). Past issues are available here.

Reappointment of SME Implementation Group members

In July 2017 the IFRS Foundation announced the reappointment of 15 members of the SME Implementation Group (SMEIG) for a second three-year term ending 30 June 2020. The press release containing details of the 15 members can be accessed here.

The SMEIG is an advisory body to the Board. The SMEIG’s mission is to support the international adoption of the IFRS for SMEs Standard and to monitor its implementation.

More information about the SMEIG, including the terms of reference and operating procedures of the group, is available here.

Responses to draft SMEIG Q&A guidance

The consultation period on the draft SMEIG Q&A Accounting for financial guarantees in parent’s separate financial statements (Section 12 Other Financial Instrument Issues, Issue 1) closed for comment on 1 September 2017. Eleven comment letters were received and can be accessed here.

The draft Q&A guidance was developed by the SMEIG and published for public comment in June 2017 (click here for the related press release). The SMEIG is considering the responses received and will assess whether a final Q&A should be issued.

IFRS for SMEs Standard translations—status report

The following translations of the 2015 IFRS for SMEs Standard are available and have been approved by the IFRS Foundation:

Completed: Albanian*, Arabic*, Bosnian*, Japanese*, Kazakh*, Portuguese*, Spanish*.

In progress: Armenian.

The following translations of the 2009 IFRS for SMEs Standard are available and have been approved by the IFRS Foundation:

Completed: Albanian*, Arabic*, Armenian*, Bosnian*, Bulgarian*, Chinese (simplified)*, Croatian*, Czech*, Estonian*, French*, Georgian, German, Hebrew*, Italian*, Japanese*, Kazakh*, Khmer*, Lithuanian*, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish* and Ukrainian*.

*Available for free download here (for translations not marked with an * please visit our IFRS Shop for details on how to purchase a hard copy).

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