IASB staff to develop guidance for micro-sized entities applying the IFRS for SMEs
Jul 26, 2012
The International Accounting Standards Board (IASB) staff, along with the SME Implementation Group, will be working together to develop guidance suitable for micro-sized entities that are applying the IFRS for SMEs.
The IASB staff will use the IFRS for SMEs to identify requirements that are necessary for most micro-sized entities. Guidance will then be developed based on those requirements and without changing the principles for recognising and measuring assets, liabilities, income, and expenses.
In addition, the guidance will cross-references the "IFRS for SMEs for matters not dealt with in the guidance booklet. Subsequently, having applied the guidance, an entity’s notes to financial statements and auditor’s report could refer to conformity with the IFRS for SMEs because there is no modification."
Click to view the IASB press release.