Update on IFRS for SMEs

Date recorded:

Dr Pacter, Chairman of the IFRS for SME Implementation Group summarise the work of the SMEIG over the past 12 months, noting the considerable efforts undertaken to provide implementation guidance for countries that have implemented or are working to implement the IFRS-SME.  He noted, with varying degrees of dismay, the prospects for adoption of the IFRS-SME in Europe and the US.  He noted that the IASB had launched the first comprehensive review of the IFRS-SME (comments are requested by 30 November 2012).  Finally he asked the Trustees to approve the re-appointment of the members of the SMEIG for a two-year term, ending 30 June 2014.  The Trustees agreed.

There were no questions.  Mr Mackintosh commended the work that Dr Pacter had undertaken in developing and championing the IFRS-SME over many years.

The public session closed.

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