OUR THOUGHTS ON:

Update on the Comprehensive Review of the IFRS for SMEs

IFRS

By Jenna Zelenski

Small and medium-sized entities (SMEs) account for more than 95% of all companies around the world according to the International Financial Reporting Standards (IFRS) Foundation. An SME is defined as a company that does not have public accountability or publishes general-purpose financial statements. The International Accounting Standards Board (IASB) issued the IFRS for SMEs in July 2009 and is currently in the midst of a comprehensive review of the IFRS for SMEs to determine if there is a need for any amendments to the standard.

During June 2013, the IASB finalized technical discussions under the comprehensive review. On July 23, 2013, the IASB determined that the balloting of the Exposure Draft could be initiated and that the comment period should be open for 150 days to offer time for organizations to solicit and combine the opinions of small businesses in their jurisdictions. In addition, the IASB tentatively decided that it would propose that the amendments should be applied retrospectively, that the effective date should be one year after issuance of the final amendments, and that early adoption would be permitted.

The Exposure Draft will be published during September 2013, and the IASB will proceed with the balloting procedures.

© 2013 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

This advice is not intended or written to be used for, and it cannot be used for, the purpose of avoiding any federal tax penalties that may be imposed, or for promoting, marketing or recommending to another person, any tax related matter.

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© 2018 Schneider Downs. All rights-reserved. All content on this site is property of Schneider Downs unless otherwise noted and should not be used without written permission.

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