IASB begins field testing of SME Exposure Draft

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20 Jun 2007

The IASB has launched a comprehensive programme for field testing the proposals in the Exposure Draft of an IFRS for Small and Medium-sized Entities (IFRS for SMEs) during the comment period.

The testing will help to identify aspects of the exposure draft that may need reconsideration. Companies taking part in the field test are asked to provide background information about the company, submit their most recent annual financial statements under their existing accounting framework, prepare financial statements in accordance with the proposed IFRS for SMEs for the same financial year, and respond to a series of questions designed to identify any specific problems the company encountered in applying the exposure draft.

The IASB has published a Field Test Questionnaire and related Compliance Checklist for the proposed IFRS for SMEs. This checklist identifies all of the accounting recognition and measurement requirements in the Exposure Draft. It is intended to allow users of the draft IFRS for SMEs to pinpoint quickly those sections and paragraphs that are directly relevant to them. The Questionnaire is currently available in English and will also be available in Spanish and French in a few days. The IASB has established a separate email address for the SME field test correspondence: smefieldtests@iasb.org.

The IASB, in co-operation with national and international organisations around the globe, is identifying field test companies and will assist them in applying the requirements proposed in the exposure draft and in responding to the field test questionnaire. Field testers are asked to provide their information by 31 October 2007. Click for:

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