The International Accounting Standards Board has set up a procedure whereby small companies and other interested parties can submit implementation issues on the
IFRS for SMEs for consideration.
Submitted issues will be dealt with by staff in one of two ways:
- Staff will refer the issue for consideration by the SME Implementation Group (SMEIG) if the issue is likely to meet the criteria in paragraph 15 of the Terms of Reference and Operating Procedures for the SMEIG (requiring that the issue is pervasive; that unintended or inconsistent implementation has or is likely to occur because of lack of clarity in the Standard; and that the SMEIG can reach a consensus on the appropriate treatment on a timely basis). For these issues the SMEIG will then consider whether to develop non-mandatory implementation guidance to address the issue in the form of questions and answers (Q&As).
- Other issues will be considered by the staff when updating our education material or held for consideration during the next periodic review of the IFRS for SMEs, as applicable.
For details on how to submit issues to the staff please
click here.
The Trustees of the IFRS Foundation invite applications from, and nominations of, suitable candidates for membership of the SMEIG.
The SMEIG was established to support the international adoption of the
IFRS for SMEs and monitor its implementation. It has two principal responsibilities:
- to develop non-mandatory education guidance for implementing the IFRS for SMEs in the form of questions and answers (Q&As) that are made publicly available; and
- to make recommendations to the International Accounting Standards Board as and when required regarding any need to amend the IFRS for SMEs.
Up to 14 new members are being sought to replace the members retiring in June 2016 and to fill the current vacancies. New members would serve three-year terms, starting on 1 July 2016.
The SMEIG consists of up to 30 members who are selected for their knowledge of, and experience in, financial reporting by SMEs. It is also preferable that they have knowledge of, and direct experience with, the
IFRS for SMEs. Suitable candidates typically include accountants working in SMEs, auditors in small or medium-sized public practices, and bank lenders and other users of financial statements of SMEs. The IFRS Foundation aims to maintain a reasonably broad geographical representation among the members of the SMEIG.
All members of the SMEIG will serve on a voluntary, unpaid basis. The SMEIG also includes appointed observers who have the right to participate in SMEIG deliberations, but not to vote.
Applications are invited by 28 February 2016 to
sme@ifrs.org. Candidates should explain their own or their nominee’s knowledge and experience in the financial reporting of SMEs and submit any additional material they consider relevant to support their submission.
Further information about the SMEIG, including the
Terms of Reference and Operating Procedures for the SMEIG, can be found
here.
The
2015 Amendments to the IFRS for SMEs are now available to eIFRS Basic subscribers in
Spanish and
Albanian (registration is free of charge
here).
The following translations of the
IFRS for SMEs 2015 (Bound Volume) are also in progress:
- Japanese;
- Brazilian Portuguese; and
- Spanish
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*.
*Available for free download
here (for translations not marked with an * please see our
IFRS Shop for details on how to purchase a hard copy).
