Report on EC consultation on IFRS for SMEs

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02 Jun 2010

In November 2009, the European Commission launched a Consultation to gain an understanding of EU stakeholders' view on the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).

The consultation period ended 12 March 2010. The Commission has now published a summary report of the 210 responses received. In addition, on 25 May 2010 the Commission held a stakeholders meeting on the review of the Accounting Directives and the IFRS for SMEs. The Commission has released the minutes of this meeting.

A key question and responses:

  • Question: Do you think adoption of the IFRS for SMEs should be provided for within the EU accounting legal framework?
  • Response:
    • Supported by majority of Respondents from 19 Member States: BG, CY, CZ, DK, EE, EL, ES, HU, IE, LT, LU, MT, NL, PL, PT, RO, SE, SL, UK, EU Org and Registered Lobbyists
    • Opposed by majority of Respondents from 6 Member States: AT, BE, DE, FR, IT, SK
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