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:
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.
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.