The International Accounting Standards Board (IASB) has issued a Request for Information as the first step in its initial comprehensive review of the IFRS for SMEs. The objective of the Request for Information is to seek public views on whether there is a need to make any amendments to the IFRS for SMEs and, if so, what amendments should be made.
When it issued the IFRS for SMEs in July 2009, the IASB said it would assess the first two years’ experience entities have had in implementing it. 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 IASB’s SME Implementation Group (SMEIG) worked closely with IASB staff to develop the Request for Information. The SMEIG approved and submitted its final draft to the IASB for review with a recommendation for issuing the Request for Information.
The Request for Information asks specific questions on particular sections of the IFRS for SMEs, as well as general questions about respondents’ experience with it. Respondents are encouraged to raise any other issues that they want to put forward. The document does not contain any preliminary views of the IASB or the SMEIG.
SMEIG chairman Paul Pacter said:
Millions of small companies in around 80 jurisdictions are already using the IFRS for SMEs. It is becoming a passport to raise capital on a local or cross-border basis. This comprehensive review will enable the Board to fine-tune the Standard.
The Request for Information was open for comment until 30 November 2012.