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IFRS for SMEs Update
From the IFRS Foundation
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Issue 2012-3, March 2012
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Welcome to the IFRS for SMEs Update
The IASB's IFRS for SMEs Update is a staff summary of news relating to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). All issues of the IFRS for SMEs Update are available in both HTML and PDF format on the IASB's
website. To subscribe use the link on the right.
Content
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Contact us
If you have news about IFRS for SMEs activities in your jurisdiction please contact Paul Pacter and Michelle Fisher (details below)
Content of the IFRS for SMEs, implementation and adoption issues:
Paul Pacter
IASB Board Member and Chairman of SME Implementation Group
ppacter@ifrs.org
Michelle Fisher
Senior Technical Manager—IFRS for SMEs
mfisher@ifrs.org
Training material, conferences, and workshops:
Michael Wells
Director, IFRS Education Initiative
mwells@ifrs.org
Copyright and translation issues:
Nicole Johnson
Content Services Principal
njohnson@ifrs.org
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Q&As about the IFRS for SMEs: status report
The table below provides a status report on the Q&As that have been considered by the SME Implementation Group (SMEIG) so far. You will find links to each final Q&A and draft Q&A here
http://www.ifrs.org/IFRS+for+SMEs/Draft.htm.
The Terms of Reference of the SMEIG, as approved by the Trustees of the IFRS Foundation, establish criteria for Q&As (see paragraphs 15-17) and due process steps for issuing a Q&A (see paragraphs 18-36), including review of draft Q&As and final Q&As by the IASB before they are issued.
Q&A number / reference |
Topic |
Status |
Final Q&As issued |
Q&A 2011/01 |
Use of IFRS for SMEs in a parent’s separate financial statements |
23 June 2011: final Q&A published |
Q&A 2011/02 |
Entities that typically have public accountability |
7 December 2011: final Q&A published |
Q&A 2011/03 |
Interpretation of ‘traded in a public market’ in applying the IFRS for SMEs |
7 December 2011: final Q&A published |
Draft Q&As (comment period now closed) |
General, Issue 1 |
Application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued |
28 September 2011: draft Q&A published.
30 November 2011: comment period closed |
General, Issue 2 |
Interpretation of ‘undue cost or effort’ and ‘impracticable’ |
28 September 2011: draft Q&A published.
30 November 2011: comment period closed |
Section 3, Issue 1 |
Jurisdiction requires fallback to full IFRSs |
28 September 2011: draft Q&A published.
30 November 2011: comment period closed |
Section 3, Issue 2 |
Departure from a principle in the IFRS for SMEs |
28 September 2011: draft Q&A published.
30 November 2011: comment period closed |
Section 3, Issue 3 |
Prescription of the format of financial statements by local regulation |
28 September 2011: draft Q&A published.
30 November 2011: comment period closed
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Section 11, Issue 1 |
Fallback to IFRS 9 Financial Instruments |
21 November 2011: draft Q&A published.
31 January 2012: comment period closed
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Section 30, Issue 1 |
Recycling of cumulative exchange differences on disposal of a subsidiary |
21 November 2011: draft Q&A published.
31 January 2012: comment period closed
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News about adoptions of the IFRS for SMEs: Samoa and Ecuador
The Samoa Institute of Accountants has adopted the IFRS for SMEs for all non-publicly accountable entities in Samoa, effective for financial reporting periods ending on or after 30 June 2012. Samoan SMEs also have the choice of using full IFRSs. Representatives of the Samoa Institute of Accountants have participated in the IFRS Foundation's three-day train the trainers workshops on the IFRS for SMEs. The Institute has conducted a number of its own education programmes to train Samoan accountants in the IFRS for SMEs.
The Republic of Ecuador has adopted the IFRS for SMEs for all non-publicly accountable entities for years ending on or after 31 December 2012. There are approximately 60,000 such entities in Ecuador.
Over 80 jurisdictions have now adopted the IFRS for SMEs since the standard was issued in July 2009.
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IFRS for SMEs translations: status report
Here is the current status of translations of the IFRS for SMEs approved by the IFRS Foundation:
Completed. Albanian*, Arabic, Armenian*, Chinese (simplified)*, Czech*, French*, Italian*, Japanese*, Lithuanian, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish*
In process. Bosnian, Estonian, Hebrew, Kazakh, Khmer, Ukrainian
Under discussion with the IFRS Foundation. Bulgarian, Georgian
*Available for free download here
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New English-language training module: Section 22 Liabilities and Equity
The IFRS Foundation Education Initiative has posted Module 22 Liabilities and Equity of its IFRS for SMEs training material. Module 22 is designed to support those training others to apply Section 22 Liabilities and Equity of the IFRS for SMEs. Section 22 establishes requirements for classifying financial instruments issued by an entity as either liabilities or equity. It also addresses accounting for equity instruments issued to individuals or other parties acting in their capacity as investors in equity instruments (ie in their capacity as owners).
A total of 28 English-language modules have now been posted. All of them are now available for download from the IFRS Foundation website (see:
http://www.ifrs.org/IFRS+for+SMEs/Training+Modules.htm)
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IFRS for SMEs ‘train the trainers’ workshop for Central Asian republics
During March 2012 the IFRS Foundation held a three-day workshop in Astana, the Republic of Kazakhstan, to train the trainers in the Central Asian republics on the IFRS for SMEs. The event was sponsored by the World Bank together with the Ministry of Finance of Kazakhstan. Instructors were Andrei Busuioc (Financial Management Specialist, CFRR, World Bank) and Michael Wells (Director, IFRS Education Initiative, IASB). The 50 participants came from Kazakhstan, Tajikistan, Turkmenistan and Uzbekistan.
More information about past workshops, including free downloads of the Microsoft PowerPoint® slides used in the workshops, can be found here: http://www.ifrs.org/IFRS+for+SMEs/SME+Workshops.htm
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Upcoming 'train the trainers' workshops
Where to obtain IFRS for SMEs materials
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The standard online
(Albanian, Armenian, Chinese (simplified), Czech, English, French, Italian, Japanese, Macedonian, Mongolian, Polish, Portuguese, Romanian, Russian, Spanish and Turkish)
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The standard in hard copy
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Information about the SME Implementation Group
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Q & As
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Presentations at 'train the trainers' workshops
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Training materials in PDF format
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Board and staff presentations about the IFRS for SMEs
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Past issues of the IFRS for SMEs Update
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Disclaimer: The content of this Update does not represent the views of the IASB or the IFRS Foundation and is not an official endorsement of any of the information provided. The information published in this newsletter originates from various sources and is accurate to the best of our knowledge.
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