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Description :
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The IFRS Foundation’s SME Implementation Group, which assists the IASB in supporting the implementation of the IFRS for SMEs, published on 28 September 2011 the draft Q&A Interpretation of 'undue cost or effort' and 'impracticable'.
The draft Q&A explains how ‘undue cost or effort’ and ‘impracticable’ should be understood. According to the draft Q&A ‘impracticable’ generally means ‘impossible’, whereas it is stated that ‘undue cost or effort’ will depend on the specific circumstances and management’s professional judgement. In deciding whether applying a requirement would result in undue cost or effort, the cost and excessive endeavours by employees should be copared to the benefits the users of the financial statements would receive from having the information.
On 4 October 2011 EFRAG issued its draft comment letter in response to the draft Q&A.
On 30 November 2011 EFRAG issued its comment letter in respont to the draft Q&A. In its comment letter, EFRAG recommends not issuing the Q&A.
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Working groups :
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EFRAG Technical Expert Group (EFRAG TEG) -
EFRAG SME Working Group (SME WG) -
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Current Project Status :
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Final Comment Letter
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Efrag Output
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
No 'Linked News Items'
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