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Terms of Reference and Operating Procedures for the SME Implementation Group updated

  • IFRS for SMEs (mid blue) Image

Feb 06, 2014

The IFRS Foundation Trustees have updated the "Terms of Reference and Operating Procedures for the SME Implementation Group" (SMEIG). The role of the 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 Terms of Reference and Operating Procedures for the SME Implementation Group is updated by the Trustees of the IFRS Foundation from time to time to reflect changes in circumstances, due process, or requirements.

In October 2012, the Trustees approved an expansion of the membership of the SMEIG from 22 to a maximum of approximately 30 as of July 1, 2014, together with proposals to stagger the terms of membership from that date. And in April 2013, the IASB decided that the current SMEIG Q&A program would continue as a two-tier system that will result in "authoritative guidance" and nonmandatory "educational material."

The Terms of Reference and Operating Procedures for the SME Implementation Group has therefore been updated to reflect these decisions. Nominations for membership of the expanded SMEIG are still possible until February 28, 2014.

More information is available on the IASB's Web site:

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.