IFRS for SMEs — Comprehensive review 2012-2014
Previously, the IASB had stated that it planned to undertake an initial comprehensive review of the IFRS for SMEs (International Financial Reporting Standard for Small and Medium-sized Entities) to assess the first two years’ of experience that entities have had in applying the IFRS for SMEs. During this review process, the IASB intends to consider new and amended IFRSs that have been adopted since the IFRS for SMEs was issued and whether any amendments should be proposed to address any implementation issues identified in the comprehensive review.
Current status of the project
The comprehensive review was formally launched at the June 2012 IASB meeting. A Request for Information was issued on 26 June 2012 (comment deadline 30 November 2012). The SME Implementation Group (SMEIG) will begin discussing responses to the Request for Information in February 2013. The indicative timetable sets 2015 as the target effective date for any amendments resulting from the review.
|June 2012||Project formally added to IASB's agenda|
|26 June 2012||Request for Information Comprehensive Review of the IFRS for SMEs issued||Comment deadline 30 November 2012|