On 21 May the International Accounting Standards Board (IASB) issued limited amendments to the
IFRS for SMEs. The document containing the amendments only included those paragraphs/subparagraphs of the
IFRS for SMEs that have been updated by the amendments.
The IFRS Foundation expects to issue the complete revised 2015 edition of the
IFRS for SMEs (a version with all the amendments incorporated that has also been subject to a full editorial review) during the next few weeks. Useful links:
- 2015 Amendments to the IFRS for SMEs can be found here.
- the Project Summary and Feedback Statement can be found here.
- background information on the comprehensive review can be found here.
The Norwegian Ministry of Finance has issued for comment an Exposure Draft of a new Accounting Act for Norway. Part of the reform would see the existing Norwegian accounting standards replaced by requirements based on the
IFRS for SMEs with deviations only allowed if certain rather strict criteria are met.
Changes to the existing accounting legislation in Norway are being proposed in order to comply with the new European Accounting Directive. As a member of the European Economic Area, Norway previously adopted the European IAS Regulation and so companies listed in a securities market must prepare their consolidated financial statements in accordance with full IFRS.
More information can be found on the Norwegian Ministry of Finance's
website (in Norwegian only).
In September 2015 the Securities and Exchange Commission of Pakistan (SECP) approved the adoption of the
IFRS for SMEs. More information can be found on the SECP
website.
On 16–18 September 2015 the IFRS Foundation held a three-day workshop in Pristina, Kosovo, to train the trainers on the
IFRS for SMEs. The IFRS Foundation instructors were Darrel Scott (Chairman of the SMEIG and IASB member) and Michael Wells (Director, IFRS Education Initiative, IASB). The event was sponsored by the Society of Certified Accountants and Auditors of Kosovo (SCAAK). The 200 participants came mainly from Kosovo with a number of participants from Serbia.
More information about past workshops, including free downloads of the Microsoft PowerPoint® slides used in the workshops, can be found
here.
For more details, click
here.
Asia
Date: 13 October 2015
Location: Hong Kong
Instructors include: Darrel Scott, Fanny Hsiang (Director, Head of Technical & Training Department, BDO and member of the IASB’s SME Implementation Group) and Michael Wells
Language: English
Sponsoring organisations: Hong Kong Institute of Certified Public Accountants (HKICPA)
A Spanish version of the
2015 Amendments to the IFRS for SMEs is currently being developed.
Here is the current status of the 2009
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).
