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IASB establishes procedure for receiving implementation issues on the "IFRS for SMEs"

  • IASB (International Accounting Standards Board) Image

Jan 04, 2016

The IASB announced today that it has developed a procedure for small companies to submit for consideration implementation issues on the "IFRS for SMEs."

During its comprehensive review of the IFRS for SMEs, the IASB decided to establish a procedure for constituents to submit implementation issues. Submitted issues will either be:

  • Referred to the SME Implementation Group (SMEIG) — The SMEIG will review major issues that meet the criteria in paragraph 15 of the Terms of Reference and Operating Procedures for the SMEIG. The SMEIG will consider whether to develop nonmandatory implementation guidance.
  • Retained by the staff — The staff will consider other, nonmajor issues when (1) updating educational material or (2) during the next periodic review of the IFRS for SMEs.

For more information, see the press release and the new implementation issues section of the IASB's Web site.

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