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EFRAG draft comment letter on the IFRS for SMEs proposals

  • EFRAG (European Financial Reporting Advisory Group) (dk green) Image

31 Oct 2013

The European Financial Reporting Advisory Group (EFRAG) has issued a draft comment letter on the IASB's exposure draft (ED) on proposed amendments to the IFRS for SMEs.

The EFRAG supports the framework for dealing with new and revised IFRS during future reviews of the IFRS for SMEs, however it believes no changes should be made to the IFRS for SMEs until changes in IFRS have been fully implemented. The EFRAG stated that post-implementation reviews of new and revised IFRS may be a more suitable opportunity to assess whether a change in the IFRS for SMEs is needed.

In addition, the EFRAG (1) supports the proposed alignment of the main principles regarding recognition and measurement of deferred tax in Section 29 Income Tax with IAS 12 and (2) reiterates recommendations made in the IASB’s Request for Information which indicated that it will be beneficial to permit the revaluation model for property, plant and equipment to used similarly to IAS 16 and included an option for borrowing costs and development costs to be capitalised.

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