We comment on IFRS for SMEs ED

  • Deloitte Comment Letter Image

28 Feb 2014

We have published our comment letter on the IASB’s Exposure Draft ED/2013/9 ‘Proposed amendments to International Financial Reporting Standard for Small and Medium-sized Entities’.

We agree that the review cycle of the IFRS for SMEs should be extended to five years and support the removal of all requirements for IFRS for SMEs preparers to recognise deferred tax. Further, we recommend that certain criteria be introduced in order to determine when an issue is deemed urgent and should be acted upon before the start of the overall review of the Standards.

In addition, we believe that local authorities are best suited to determine how the IFRS for SMEs should be applied in their jurisdiction.

Click for the full comment letter.

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.