Featured Product

    IFRS Foundation Consults on Q&A on Application of Its SMEs Standard

    August 07, 2019

    IFRS Foundation is requesting comments on its draft questions and answers (Q&A) on the application of the IFRS for SMEs [small and medium-sized entities] Standard. The draft Q&A respond to a question from stakeholders about the application of the undue cost or effort exemption for investment property on the date of transition to the IFRS for SMEs Standard. The draft Q&A concludes that additional cost or effort due to the elapse of time between the date of transition and the date of preparing the first IFRS for SMEs financial statements is not considered. The consultation is open for comment until October 07, 2019.

    The draft Q&A has been developed by the SME Implementation Group (SMEIG), which assists IASB in supporting the application of the IFRS for SMEs Standard. The Q&A provide non-mandatory and timely guidance on specific accounting questions about applying the IFRS for SMEs Standard. The group also advises IASB on amendments to the IFRS for SMEs Standard. During the 2019 Comprehensive Review of the IFRS for SMEs Standard, IASB will consider the Q&A developed since the issue of the 2015 amendments to the IFRS for SMEs Standard and determine whether to incorporate the responses in the IFRS for SMEs Standard. The draft Q&A is the second to be published since the initial comprehensive review of the IFRS for SMEs Standard, completed in May 2015.

    The IFRS for SMEs is a standard that is tailored for small companies. It focuses on the information needs of lenders, creditors, and other users of SME financial statements who are interested primarily in information about cash flows, liquidity, and solvency. The standard takes into account the costs to SMEs and the capabilities of SMEs to prepare financial information. The IFRS for SMEs Standard includes an option for entities to apply the recognition and measurement requirements of IAS 39 on financial instruments. For accounting periods beginning before January 01, 2018, an SME shall apply the version of IAS 39 that is in effect at its reporting date, by reference to the full IFRS publication titled IFRS® Standards Consolidated without early application (Blue Book). For accounting periods beginning on or after January 01, 2018, an SME shall apply the version of IAS 39 that applied immediately prior to the effective date of IFRS 9 Financial Instruments.


    Comment Due Date: October 07, 2019

    Keywords: International, Accounting, Q&A, IFRS 9, SME, IFRS for SMEs, IAS 39, IASB, IFRS

    Featured Experts
    Related Articles
    News

    EBA Updates List of Validation Rules for Reporting by Banks

    EBA issued a revised list of validation rules with respect to the implementing technical standards on supervisory reporting.

    September 10, 2020 WebPage Regulatory News
    News

    EBA Responds to EC Call for Advice to Strengthen AML/CFT Framework

    EBA published its response to the call for advice of EC on ways to strengthen the EU legal framework on anti-money laundering and countering the financing of terrorism (AML/CFT).

    September 10, 2020 WebPage Regulatory News
    News

    NGFS Advocates Environmental Risk Analysis for Financial Sector

    NGFS published a paper on the overview of environmental risk analysis by financial institutions and an occasional paper on the case studies on environmental risk analysis methodologies.

    September 10, 2020 WebPage Regulatory News
    News

    MAS Issues Guidelines to Promote Senior Management Accountability

    MAS published the guidelines on individual accountability and conduct at financial institutions.

    September 10, 2020 WebPage Regulatory News
    News

    APRA Formalizes Capital Treatment and Reporting of COVID-19 Loans

    APRA published final versions of the prudential standard APS 220 on credit quality and the reporting standard ARS 923.2 on repayment deferrals.

    September 09, 2020 WebPage Regulatory News
    News

    SRB Chair Discusses Path to Harmonized Liquidation Regime for Banks

    SRB published two articles, with one article discussing the framework in place to safeguard financial stability amid crisis and the other article outlining the path to a harmonized and predictable liquidation regime.

    September 09, 2020 WebPage Regulatory News
    News

    FSB Workshop Discusses Preliminary Findings of Too-Big-To-Fail Reforms

    FSB hosted a virtual workshop as part of the consultation process for its evaluation of the too-big-to-fail reforms.

    September 09, 2020 WebPage Regulatory News
    News

    ECB Updates List of Supervised Entities in EU in September 2020

    ECB updated the list of supervised entities in EU, with the number of significant supervised entities being 115.

    September 08, 2020 WebPage Regulatory News
    News

    OSFI Identifies Focus Areas to Strengthen Third-Party Risk Management

    OSFI published the key findings of a study on third-party risk management.

    September 08, 2020 WebPage Regulatory News
    News

    FSB Extends Implementation Timeline for Framework on SFTs

    FSB is extending the implementation timeline, by one year, for the minimum haircut standards for non-centrally cleared securities financing transactions or SFTs.

    September 07, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5796