A working group has started providing guidance on new international accounting standards for small and midsized companies.
The International Accounting Standards Board’s SME Implementation Group, responsible for assisting the IASB with the implementation of International Financial Reporting Standards for Small and Medium-sized Entities, IFRS for SMEs, has published for public comment on Thursday its first draft guidance on the IFRS for SMEs in the form of questions and answers.
Developing non-mandatory and timely guidance on specific accounting questions that are being raised by those implementing the IFRS for SMEs is one of the two main responsibilities of the SME Implementation Group. The other is to make recommendations to the IASB regarding amendments to IFRS for SMEs.
These recommendations will be considered when IFRS for SMEs is updated, approximately every three years.
The Q&A document addresses whether a parent entity that itself does not have public accountability may present its separate financial statements in accordance with IFRS for SMEs if it is part of a group that is required (or elects) to present consolidated financial statements in accordance with full IFRS.
The draft document is open for comment until April 4, 2011 and can be accessed at http://go.ifrs.org/IFRS+for+SMEs+QandA.
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