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    Welcome To The Ifrs For Smes Update

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    Darrel

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    of 4

     

    IFRS for SMEs Update


    From the IFRS Foundation

    Issue 2012-1, January 2012


     
    Welcome to the IFRS for SMEs Contact us

    Update If you have news about IFRS


    for SMEs activities in your
    jurisdiction please contact Paul
    Pacter and Michelle Fisher
    The IASB's IFRS for SMEs Update is a staff summary of news relating to (details below)
    the International Financial Reporting Standard for Small and Medium-
    Content of the IFRS for SMEs,
    sized Entities (IFRS for SMEs). All issues of the IFRS for SMEs Update implementation and adoption
    are available in both HTML and PDF format on the IASB's website. To issues:
    subscribe use the link on the right.
    Paul Pacter
    IASB Board Member and
    Chairman of SME
    Implementation Group
    Content [email protected]

    Update on the IFRS for SMEs Michelle Fisher


    Practice Fellow – IFRS for
    Q&As about the IFRS for SMEs: status report SMEs
    [email protected]
    IFRS for SMEs translations: status report Training material, conferences,
    and workshops:
    Additional Spanish- and Arabic-language training modules
    Michael Wells
    IFRS for SMEs 'train the trainers' workshop in the Republic of Director, IFRS Education
    Initiative
    Kazakhstan [email protected]

    Where to obtain IFRS for SMEs materials Copyright and translation


    issues:
    Nicole Johnson
    Content Services Principal
    [email protected]

    Subscribe to the
    IFRS for SMEs Update
    Are you interested in being
    kept up to date about the IFRS
    for SMEs?

    New? Register here


    Manage your alerts here

    Update on the IFRS for SMEs

    In January 2012, the SME Working Group of the European Financial Reporting Advisory Group
    (EFRAG) met with IASB Board member Paul Pacter in Brussels to discuss various matters relating to
    the IFRS for SMEs. You can download his written report to the EFRAG Working Group by clicking
    here.

    Among the main topics discussed during the meeting were the IASB's programme for publishing Q&As
    and the upcoming comprehensive review of the IFRS for SMEs.

    Go to the top of this page

    Q&As about the IFRS for SMEs: status report

    The table below provides a status report on the Q&As that have been considered by the SME
    Implementation Group (SMEIG) so far. You will find links to each final Q&A and draft Q&A here
    http://www.ifrs.org/IFRS+for+SMEs/Draft.htm.

    The Terms of Reference of the SMEIG, as approved by the Trustees of the IFRS Foundation,
    establish criteria for Q&As (see paragraphs 15-17) and due process steps for issuing a Q&A (see
    paragraphs 18-36), including review of draft Q&As and final Q&As by the IASB before they are issued.

    Q&A number /
    Topic Status
    reference

    Final Q&As issued

    Use of IFRS for SMEs in a parent’s


    Q&A 2011/01 23 June 2011: final Q&A published
    separate financial statements

    Entities that typically have public


    Q&A 2011/02 7 December 2011: final Q&A published
    accountability

    Interpretation of ‘traded in a public


    Q&A 2011/03 7 December 2011: final Q&A published
    market’ in applying the IFRS for SMEs

    Draft Q&As (comment period now closed)

    Application of the IFRS for SMEs for 28 September 2011: draft Q&A
    General, Issue 1 financial periods ending before the published. 30 November 2011:
    IFRS for SMEs was issued comment period closed

    28 September 2011: draft Q&A


    Interpretation of ‘undue cost or effort’
    General, Issue 2 published. 30 November 2011:
    and ‘impracticable’
    comment period closed

    28 September 2011: draft Q&A


    Jurisdiction requires fallback to full
    Section 3, Issue 1 published. 30 November 2011:
    IFRSs
    comment period closed

    28 September 2011: draft Q&A


    Departure from a principle in the IFRS
    Section 3, Issue 2 published. 30 November 2011:
    for SMEs
    comment period closed

    28 September 2011: draft Q&A


    Prescription of the format of financial
    Section 3, Issue 3 published. 30 November 2011:
    statements by local regulation
    comment period closed

    21 November 2011: draft Q&A


    Section 11, Issue Fallback to IFRS 9 Financial
    published. 31 January 2012: comment
    1 Instruments
    period closed

    21 November 2011: draft Q&A


    Section 30, Issue Recycling of cumulative exchange
    published. 31 January 2012: comment
    1 differences on disposal of a subsidiary
    period closed

    Go to the top of this page

    IFRS for SMEs translations: status report

    Here is the current status of translations of the IFRS for SMEs approved by the IFRS Foundation:

    Completed. Albanian*, Arabic, Armenian*, Chinese (simplified)*, Czech*, French*, Italian*, Japanese*,
    Lithuanian, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*,
    Turkish*
    In process. Bosnian, Estonian, Hebrew, Kazakh, Khmer, Ukrainian

    Under discussion with the IFRS Foundation. Bulgarian, Georgian

    *Available for free download here

    Go to the top of this page

    Additional Spanish- and Arabic-language training modules


    The IFRS Foundation Education Initiative has posted Module 33 Related Party Disclosures of the
    Spanish-language translation of its training material. In total 27 Spanish-language modules are now
    available for download from the IFRS website (see
    http://www.ifrs.org/IFRS+for+SMEs/Spanish+Modules.htm). The IFRS Foundation is grateful
    to the World Bank for facilitating the translation of the training material with funding from the Spanish
    Trust Fund for Latin America and the Caribbean.

    The IFRS Foundation Education Initiative has also posted Module 30 Foreign Currency Translation of
    the Arabic-language translation of its training material. In total 25 Arabic-language modules are now
    available for download from the IFRS website (see
    http://www.ifrs.org/IFRS+for+SMEs/ArabicModules.htm). The IFRS Foundation is grateful to
    the Arab Society of Certified Accountants (ASCA) Jordan for facilitating and funding the translation of the
    training material.

    Go to the top of this page

    IFRS for SMEs ‘train the trainers’ workshop in the Republic of


    Kazakhstan

    During January 2012 the IFRS Foundation held a five-day workshop in Almaty, the Republic of
    Kazakhstan, to train the trainers on the IFRS for SMEs. The event was sponsored by the World Bank
    together with the Ministry of Finance Kazakhstan. Instructors were Andrei Busuioc (Financial
    Management Specialist, CFRR, World Bank) and Michael Wells (Director, IFRS Education Initiative,
    IASB). The 100 participants came mainly from Kazakhstan with a few Eurasian Council of Certified
    Accountants and Auditors (ECCAA) participants coming from Kyrgyzstan and Uzbekistan.

    More information about past workshops, including free downloads of the Microsoft PowerPoint® slides
    used in the workshops, can be found here:
    http://www.ifrs.org/IFRS+for+SMEs/SME+Workshops.htm.

    Go to the top of this page

    Where to obtain IFRS for SMEs materials

    The standard online


    (Albanian, Armenian, Chinese (simplified), Czech, English, French, Italian, Japanese, Macedonian,
    Mongolian, Polish, Portuguese, Romanian, Russian, Spanish and Turkish)
    The standard in hard copy
    Information about the SME Implementation Group
    Q & As
    Presentations at 'train the trainers' workshops
    Training materials in PDF format
    Board and staff presentations about the IFRS for SMEs
    Past issues of the IFRS for SMEs Update

    Go to the top of this page


    Disclaimer: The content of this Update does not represent the views of the IASB or the IFRS Foundation and is not an official endorsement
    of any of the information provided. The information published in this newsletter originates from various sources and is accurate to the best of
    our knowledge.

    Copyright © IFRS Foundation


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