Articles

Request for Information on Comprehensive Review of the IFRS for SMEs

The IASB issued the International Financial Reporting Standard  for Small and Medium-sized Entities (IFRS for SMEs) in July 2009.  At the time, it stated its plans to undertake an initial comprehensive review of the Standard to enable the IASB to assess the first two years’ experience that entities would have had in implementing the Standard and to consider whether there is a need for any amendments. Companies have been using the IFRS for SMEs in 2010 and 2011. The comprehensive review is therefore commencing in 2012. The IASB also said that, after the initial review, it expected to consider amendments to the IFRS for SMEs approximately once every three years.

This Request for Information is the IASB’s first step in its initial comprehensive review of the IFRS for SMEs. The objective of the Request for Information is to seek the views of those who have been applying the IFRS for SMEs, those who have been using financial information prepared in accordance with the IFRS for SMEs, national standard-setters, professional bodies, regulators and all other interested parties, on whether there is a need to make any amendments to the IFRS for SMEs and, if so, what amendments should be made.

The Request for Information is divided into two parts:

• Part A contains specific questions on particular sections of the IFRS for SMEs for respondents. Respondents are also invited to raise any other specific issues they may have relating to possible changes to particular sections of the IFRS for SMEs.
• Part B contains general questions about the IFRS for SMEs. Respondents are invited to raise any other general issues they may have relating to possible changes to the IFRS for SMEs.

To download the Request for Information, click here.

We welcome participants from interested parties to review this document and to take this opportunity to express our views to IASB.

We would like to hear from you about this important document either in writing or email to us at This email address is being protected from spambots. You need JavaScript enabled to view it. before 19 October 2012. This is to allow us to submit your comments for Board’s deliberation.

The MASB requests respondents to use the IASB’s Microsoft Word document titled Optional Response Document (ORD) when submitting comments. Please click here to download the document.