In December 2014 the IASB finalised its discussions on the amendments to the
IFRS for SMEs resulting from the initial comprehensive review of the
IFRS for SMEs and instructed the staff to commence the balloting process for those amendments. The final amendments are expected to be issued in May/June 2015.
After considering the feedback it received during the initial comprehensive review, and taking into account the fact that the
IFRS for SMEs is still a new Standard, the IASB has made limited amendments to the
IFRS for SMEs. With the exception of the following three amendments, each individual amendment only affects a few paragraphs, and in many cases only a few words, in the Standard:
- allowing an option to use the revaluation model for property, plant and equipment in Section 17 Property, Plant and Equipment;
- aligning the main recognition and measurement requirements for deferred income tax with IAS 12 Income Taxes; and
- aligning the main recognition and measurement requirements for exploration and evaluation assets with IFRS 6 Exploration for and Evaluation of Mineral Resources.
Entities will be required to apply the amendments for annual periods beginning on or after
1 January 2017. Earlier application is permitted provided that all of the changes are applied at the same time.
More information on the initial comprehensive review is available on the
SME webpages of the IASB website (
www.ifrs.org).
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Asia
Date: 13 October 2015
Location: Hong Kong
Instructors include: Darrel Scott (IASB member and Chairman of the IASB’s SME Implementation Group), Fanny Hsiang (Director, Head of Technical & Training Department, BDO and member of the IASB’s SME Implementation Group) and Michael Wells (Director, IFRS Education Initiative, IASB)
Language: English
Sponsoring organisations: Hong Kong Institute of Certified Public Accountants (HKICPA)
Here is the current status of the
IFRS for SMEs translations that have been approved by the IFRS Foundation:
Completed: Albanian*, Arabic, Armenian*, Bosnian*, Bulgarian*, Chinese (simplified)*, Croatian*, Czech*, Estonian*, French*, Georgian, German, Hebrew*, Italian*, Japanese*, Kazakh*, Khmer*, Lithuanian*, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish* and Ukrainian*.
In progress: Azeri 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).
