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Date recorded:

Paul Pacter gave a tour de force presentation of the development and uptake of the IFRS for SMEs. He suggested that the uptake of the IFRS for SMEs proved that the IASB’s constituency went far beyond jurisdictions that had adopted IFRSs. He summarised activities in jurisdictions that used IFRSs but had decided, for whatever reason, not to adopt the IFRS for SMEs.

The Trustees explored these reasons and asked Trustees and others present at the meeting for further information on particular jurisdictions (e.g., Australia, Canada and the UK). Bob Glauber noted that it was important to recall that the IASB’s primary objective is financial reporting for publicly-listed entities. The IFRS for SMEs represented a ‘public service, not a core product.’ That said, he complimented Paul for an extraordinary effort and accomplishment.

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