IASB proposes limited amendments to the IFRS for SMEs
Full marked-up draft of the IFRS for SMEs
On 3 October 2013, the International Accounting Standards Board (IASB) published for public comment an Exposure Draft of proposed amendments to the IFRS for SMEs
, which it developed based on its initial comprehensive review of the IFRS for SMEs
When it issued the IFRS for SMEs
in July 2009, the IASB stated its plans to undertake an initial comprehensive review of the IFRS for SMEs
to enable it to assess the first two years’ experience that entities would have had in implementing it and to consider whether there is a need for any amendments. In many jurisdictions, companies started using the IFRS for SMEs
in 2010. Consequently, the IASB commenced its initial comprehensive review in 2012.
In order to assist in the process of identifying which items to consider for amendment, the IASB issued a Request for Information in June 2012 to seek public views and consulted with the SME Implementation Group, an advisory body to the IASB. After considering the feedback it received, and taking into account the fact that the IFRS for SMEs
is still a new Standard, the IASB only proposes to make limited amendments to the IFRS for SMEs
Most of the proposed amendments clarify existing requirements or add supporting guidance, rather than propose changes to the underlying requirements in the IFRS for SMEs
. Consequently, for most SMEs, the proposals are expected to improve understanding of the existing requirements, without having a significant effect on the entity’s financial reporting practices and financial statements.
The proposals are open for comment
until 3 March 2014
An overview of the proposals is available in Snapshot: Comprehensive review of the IFRS for SMEs
More information on the initial comprehensive review is available on the SME webpages
of the IASB website (www.ifrs.org
Spanish-language translation of training module Module 26 Share-based Payment
In the Exposure Draft of proposed amendments to the IFRS for SMEs
, the IASB has only included the paragraphs/subparagraphs of the IFRS for SMEs
that would be affected by the proposed amendments. To further assist respondents with their review of the proposed amendments in the ED, the IASB staff have provided a full marked-up draft of the IFRS for SMEs
(which includes all the paragraphs of the IFRS for SMEs
) and also a list that sets out all of the proposed editorial amendments not included in the ED
IFRS for SMEs translations: status report
A Spanish-language translation of Module 26 Share-based Payment
is now available. Module 26 covers Section 26 Share-based Payment
of the IFRS for SMEs
, which specifies the accounting for share-based payment transactions. Share-based payment transactions can be equity-settled or cash-settled, or they can provide a choice of whether the entity settles the transaction in cash (or other assets) or by issuing equity instruments.
In total, 34 modules have now been translated into Spanish and are available for download from the IFRS Foundation website. All modules can be accessed here
Where to obtain IFRS for SMEs materials
Here is the current status of the IFRS for SMEs
translations that have been approved by the IFRS Foundation:
: 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
: Afrikaans, Georgian, Kyrgyz 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).
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