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.
The IFRS Foundation has published draft guidance on the IFRS for SMEs Standard, calling for stakeholder feedback. The guidance has been developed by the SME Implementation Group (SMEIG).
The draft guidance is in the form of a questions and answers (Q&A) document and addresses the accounting treatment of a financial guarantee issued by a parent company in that parent company’s separate financial statements.
The SMEIG is responsible for assisting the Board with matters related to the implementation of the IFRS for SMEs Standard. Developing non-mandatory and timely guidance on specific accounting questions raised by those implementing the Standard is one of the two main responsibilities of the SMEIG. The other is to make recommendations to the Board regarding amendments to the Standard.
This draft guidance is the first to be issued since the initial comprehensive review of the IFRS for SMEs Standard was completed in May 2015.
The consultation is open for comment until 1 September 2017 and can be accessed here.
More information on the SMEIG is available here.
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*.