EFRAG has submitted to the European Commission its analysis of the IFRS for SMEs' compatibility with the EU Accounting Directives.
EFRAG’s advice consists of:
- A letter to the European Commission specifying the requirements of the IFRS for SMEs that has been assessed to be incompatible with the EU Accounting Directives (the Letter). This letter also includes a description of the scope and limitations of the assessment.
- A feedback statement explaining EFRAG’s reasons for not considering requirements identified by EFRAG’s constituents to be incompatible with the EU Accounting Directives (the Feedback Statement).
- A working paper including EFRAG’s assessment of all the requirements of the IFRS for SME (the Working Paper).
It should be emphasized that the conclusions of the analysis are to be understood in the context of the limitations described in the Letter and that the Working Paper is an integral part of the analysis.
The Letter can be downloaded here;
the Feedback Statement can be downloaded here; and
the Working Paper can be downloaded here.
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