IFRS Foundation seeks to expand membership of the SMEIG

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14 Jan 2014

The IFRS Foundation Trustees are currently seeking nominations for membership of the SME Implementation Group (SMEIG), which supports the international adoption of the 'International Financial Reporting Standards for Small and Medium-sized Entities' (IFRS for SMEs) and monitors its implementation. The call for nominations is being conducted in conjunction with a restructuring of the SMEIG as it prepares to consider feedback on the IASB's proposed amendments to the 'IFRS for SMEs'.

The Trustees are seeking up to 20 new members of the SMEIG, who will be appointed from 1 July 2014, and taking into account expected term expiries of existing members, will increase the total number of members from 22 to approximately 30 members in accordance with the Trustee's October 2012 decision.

The SMEIG is responsible for the development of questions and answers (Q&As) on the IFRS for SMEs, and also makes recommendations to the International Accounting Standards Board (IASB) on amendments to the standard. Under revised terms of reference and operating procedures currently being developed for the SMEIG for expected publication in February 2014, the procedures for Q&As are expected to be revised to create a two tier approach which will result in 'authoritative guidance' and non-mandatory 'educational material'.

The newly structured SMEIG will discuss constituent feedback on IASB Exposure Draft ED/2013/9 Proposed amendments to the IFRS for SMEs and make recommendations to the IASB on final amendments to the IFRS for SMEs during the second quarter of 2014. The IASB is expected to subsequently redeliberate the proposals in the second half of 2014, with finalised revisions to the IFRS for SMEs expected by the first half of 2015.

Nominations for membership of the SMEIG close on 28 February 2014. Click for IASB press release (link to IASB website).

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