This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.


Date recorded:

Previously, the Board 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 Board 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.

At the June meeting, the Board tentatively approved the staff’s request to issue for public comment an Invitation to Comment (later retitled as a Request for Information) (which is the first step in the process) on the comprehensive review of the IFRS for SMEs with a proposed comment deadline of 30 November 2012. The objective of the document is to seek the public’s views on whether there is a need to make any amendments to the IFRSs for SMEs and, if so, what amendments should be made and to ensure constituents to raise their own issues. The document involves an optional response document that the constituents could use for submitting their comments. The document does not contain any preliminary views of the IASB or the SME Implementation Group (SMEIG). One of the Board members suggested adding a question on how long each entity had been applying the IFRS for SMEs to obtain more data about the prevalence and usage of IFRS for SMEs.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.