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SME Implementation Group publishes two final Q&As

10 Apr 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.

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