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Terms of Reference and Operating Procedures for the SME Implementation Group updated

  • IFRS for SMEs (mid blue) Image

06 Feb 2014

The IFRS Foundation Trustees have updated the Terms of Reference and Operating Procedures for the SME Implementation Group (SMEIG). The mission of the SME Implementation Group (SMEIG) is to support the international adoption of the 'IFRS for Small and Medium-Sized Entities' (IFRS for SMEs) and to monitor its implementation.

The Terms of Reference and Operating Procedures are updated by the Trustees of the IFRS Foundation from time to time to reflect changes in circumstances, due process or requirements.

In October 2012, the Trustees approved an expansion of the membership of the SMEIG from 22 to a maximum of approximately 30 as of 1 July 2014, together with proposals to stagger the terms of membership from that date. And in April 2013, the IASB decided that the current SMEIG Q&A programme would continue as a two-tier system which will result in 'authoritative guidance' and non-mandatory 'educational material'.

The Terms of Reference and Operating Procedures have therefore been updated to reflect these decisions. Nominations for membership of the expanded SMEIG are still possible until 28 February 2014.

Please click for the following information on the IASB website:

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.