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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 Departure from a principle in the IFRS for SMEs.
The draft Q&A considers whether an entity that chooses to use a principle that is not allowed under the IFRS for SMEs, but perhaps under (full) IFRSs, can be described in any way as complying with the IFRS for SMEs. The answer provided is that in such cases the entity may not state compliance with the IFRS for SMEs.
On 4 October 2011 EFRAG issued its draft comment letter in response to the draft Q&A.
On 30 November 2011 EFRAG issued its final comment letter in response 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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