In 2012 the IASB issued a Request for Information (RFI):
Comprehensive Review of the IFRS for SMEs. The objective of the RFI was to seek public views on whether there is a need to make any amendments to the
IFRS for SMEs.
The IASB met on 23 April 2013 to continue to discuss the issues raised in the RFI. The following issues were discussed at this meeting:
- Scope of the IFRS for SMEs
- Consideration of new and revised IFRSs
- Whether to permit complex accounting policy based on requirements in full IFRSs
- Approach to accounting for income taxes
- Requirements for estimating the useful life of goodwill and other intangible assets
- Presentation of share subscription receivables
- SME Implementation Group Q "&" As.
To access the agenda papers and a recording of the meeting, please
click here. A summary of the decisions made at the meeting are available in the April 2013
IASB Update.
The IFRS Foundation Education Initiative has completed a new module of its training material on the
IFRS for SMEs: Module 19
Business Combinations and Goodwill. This module will be posted online shortly. All available modules can be downloaded
here in PDF format.
Module 19 covers Section 19,
Business Combinations and Goodwill, of the
IFRS for SMEs which applies to accounting for business combinations. Section 19 provides guidance on identifying the acquirer, measuring the cost of the business combination, and allocating that cost to the assets acquired and liabilities and provisions for contingent liabilities assumed. It also addresses accounting for goodwill both at the time of a business combination and subsequently.
Here is the current status of the
IFRS for SMEs translations that have been approved by the IFRS Foundation:
Completed: Albanian,* Arabic, Armenian,* Bosnian,* Chinese (simplified),* Croatian,* Czech,* Estonian,* French,* German, Hebrew,* Italian,* Japanese,* Kazakh,* Khmer,* Lithuanian,* Macedonian,* Mongolian,* Polish,* Portuguese,* Romanian,* Russian,* Serbian, Spanish,* Turkish* and Ukrainian.*
Under discussion with the IFRS Foundation: Georgian and Turkmen.
*Available for free download here (for translations not marked with an * please see our webshop for details on how to purchase a hard copy).
For more details, click
here.
Africa
Date: 29–31 May 2013
Location: Livingstone, Zambia
Instructors: Darrel Scott (Chairman SME Implementation Group and IASB member) and Guillermo Braunbeck (Project Manager, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: Pan African Federation of Accountants (PAFA) and Zambian Institute of Chartered Accountants (ZICA) with funding from the World Bank
South Asia
Date: 19-21 August 2013
Location: Colombo, Sri Lanka
Instructors: Darrel Scott and Michael Wells (Director, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: the Confederation of Asian and Pacific Accountants (CAPA) and the Institute of Chartered Accountants of Sri Lanka.
