EFRAG conclusions on the IFRS for SMEs
07 Jun 2010
The European Financial Reporting Advisory Group (EFRAG) has submitted to the European Commission its analysis of the IFRS for SMEs' compatibility with the EU Accounting Directives. EFRAG's advice consists of:
- This letter also includes a description of the scope and limitations of the assessment.
- A feedback statement explaining EFRAG's reasons for not considering requirements identified by EFRAG's constituents to be incompatible with the EU Accounting Directives.
- A working paper including EFRAG's assessment of all the requirements of the IFRS for SME (the Working Paper). This 256-page working paper reviews the 230-page IFRS for SMEs paragraph by paragraph and identifies six requirements of the IFRS for SMEs that EFRAG believes are not compatible with the Directives (see box below).
EFRAG's conclusion is that the following requirements of the IFRS for SMEs are incompatible with the EU Accounting Directives:
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- EFRAG Letter to the Commission (PDF 1090k)
- Feedback Statement on EFRAG's Consultation (PDF 173k)
- EFRAG Working Paper (PDF 1,733k)