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.

For more information, please view:

• Press release (link to EFRAG website)
• EFRAG draft comment letter (comments are requested by 11 February 2014, link to EFRAG website)
• Summary of the proposals in the ED
• IAS Plus project page for the Comprehensive Review 2012-2014 of the IFRS for SMEs