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Deloitte comment letter on IASB ED/2013/9 "Proposed amendments to International Financial Reporting Standard for Small and Medium-sized Entities"

Published on: Feb 28, 2014

Deloitte's IFRS Global Office has submitted a letter of comment responding to the IASB's exposure draft ED/2013/9, Proposed Amendments to International Financial Reporting Standard for Small and Medium-sized Entities.

The letter, which expresses the views of Deloitte's IFRS Global Office only, includes the following opinions:

  • We agree that the review of the IFRS for SMEs should be on a five-year cycle, instead of every three years to provide preparers sufficient time for the adoption of amendments or new sections before considering whether further amendments are needed. We suggest that criteria be put in place to determine when an issue is urgent and may require an amendment to the IFRS for SMEs. In addition, we believe that local authorities are best suited to determine how the IFRS for SMEs should be applied in their jurisdiction.
  • We also support the removal of all requirements for IFRS for SMEs preparers to recognize deferred tax.

Download the full comment letter below.


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