SME Implementation Group publishes two final Q&As
The IASB's SME Implementation Group (SMEIG) has published two final questions and answers (Q&As) on the IFRS for SMEs. Q&As are non-mandatory guidance.
- Application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued,
- Departure from a principle in the IFRS for SMEs, and
- Prescription of the format of financial statements by local regulation.
- IASB press release (link to IASB website)
- Q&A 2012/01 Application of ‘undue cost or effort’(PDF 63k, link to IASB website)
- Q&A 2012/02 Jurisdiction requires fallback to full IFRSs (PDF 63k, link to IASB website)
- Our IAS Plus summary of the IFRS for SMEs