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SME Implementation Group (SMEIG)

SMEIG (SME Implementation Group) (mid blue)


The mission of the SME Implementation Group (SMEIG) is to support the international adoption of the IFRS for Small and Medium-Sized Entities (IFRS for SMEs) and to monitor its implementation.

The operations of the SMEIG are governed by the Terms of Reference and Operating Procedures for the SME Implementation Group issued by the IFRS Foundation Trustees.  These terms of reference were last updated in February 2014.

The SMEIG has two principal responsibilities:

  • Guidance on IFRS for SMEs.  The SMEIG develops non-mandatory guidance on implementing the IFRS for SMEs in the form of questions and answers (Q&As) which are made publicly available to interested parties on a timely basis.  Issues addressed in Q&As are intended to be pervasive in nature and arise from a lack of clarity in the IFRS for SMEs.  In some cases, the SMEIG may decide that mandatory guidance should be issued, in which case the increased involvement of the International Accounting Standards Board (IASB) is required and additional due process steps are followed.
  • Recommendations for amendments. The SMEIG makes recommendations to the IASB on the need to amend the IFRS for SMEs as part of its periodic review, or in rare cases, in the form of an urgent amendment.  Recommended amendments may arise from implementation issues that cannot be dealt with through the SMEIG Q&A process, or as a result of new and amended International Financial Reporting Standards (IFRSs) issued by the IASB.

The SMEIG is chaired by IASB member Darrel Scott. The SMEIG has between 12 and 30 members, which are appointed by the IFRS Foundation Trustees.  All members of the SMEIG serve on a voluntary basis.

The SMEIG may from time to time also include appointed observers who have the right to participate in SMEIG deliberations, but not to vote.


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