SME Implementation Group publishes two final Q&As
Apr 10, 2012
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.
The two Q&As published today - Q&A 2012/01 Application of ‘undue cost or effort’ and Q&A 2012/02 Jurisdiction requires fallback to full IFRSs - were part of a package of five draft Q&As that were published by the SMEIG in September 2011. After considering the public comments on the drafts the SMEIG decided not to finalise the Q&As on the following topics:
- 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.
Click for:
- 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
