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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 21 November 2011 the draft Q&A Fallback to IFRS 9 Financial Instruments .
The draft Q&A considers whether an entity can apply the recognition and measurement provisions of IFRS 9. It is stated in the response that the IFRS for SMEs specifically allows an entity to apply the recognition and measurement criteria of IAS 39. As the standard does not allow entities to apply the recognition and measurement requirements of IFRS 9, entities are not permitted to apply the requirements of IFRS 9 instead of the requirements included in section 11 and 12 of the IFRS for SMEs.
On 1 December 2011, EFRAG issued its draft comment letter in response to the draft Q&A.
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Working groups :
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EFRAG Technical Expert Group (EFRAG TEG) -
SME Working Group (SME WG) -
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Current Project Status :
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Draft Comment Letter
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Efrag Output
Comment Letters
No 'Comment Letters'
Other Input
No 'Other Input'
News Items
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