IFRS FOR SMEs [UPDATED 1 JUNE 2009]
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Latest revision: 1 June 2009
International Accounting Standards Board
International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs)
Project Updates are provided for theinformation and convenience of constituents who wish to follow the IASB's deliberations. All conclusions reported are tentative and may be changed at future IASB meetings. Decisions become final only after completion of a formal ballot to issue an International Financial Reporting Standard, Interpretation, or Exposure Draft.
This project report is structured as follows:
Objective Next Steps Background and Tentative Decisions to Date Project History Contact information
1. The objective of this project is to develop an International Financial Reporting Standard (IFRS) expressly designed to meet the financial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose financial statements for external users.Examples of such external users include owners who are not involved in managing the business, existing and potential creditors, and credit rating agencies. 2. An entity has public accountability if: it files, or it is in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market;or it holds assets in a fiduciary capacity for a broad group of outsiders, such as a bank, insurance company, securities broker/dealer, pension fund, mutual fund or investment banking entity.
3. In February 2007, the IASB published an Exposure Draft (ED) of a proposed IFRS for SMEs. Comment deadline was 30 November 2007. The Board received 162 letters of comment on the ED.
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IFRS FOR SMEs [UPDATED 1 JUNE 2009]
4. 116 SMEs from 20 countries participated in ‘field testing’ the ED by restating their most recent annual financial statements following the proposals in the ED and reporting to the Board on any problems encountered.Next Steps
1. The IASB staff presented to the Board (a) analyses of comments on the ED (March 2008) and (b) analyses of results of the field tests of the ED (April 2008). 2. The IASB’s Working Group met 10-11 April 2008 to review the staff analyses of the comments on the ED and the results of the field tests and to develop recommendations to the Board for possible modifications to the ED. TheWorking Group’s recommendations on all issues other than disclosure issues were provided to the Board in May 2008. 3. At the May 2008 meeting, staff presented its initial recommendations for changes to the ED. At that meeting, the Board began its redeliberations of the proposals in the ED. 4. Staff continued to present additional recommendations to the Board from June 2008 through February 2009. TheBoard’s redeliberations of the proposals in the ED were completed in February 2009, though a few issues arose during redrafting that required Board consideration in March and April 2009. 5. In March 2009, the Board concluded that the changes made to the ED are not of such a nature as to require re-exposure. At the March 2009 meeting, the Chairman asked the Board members to indicate how theyexpected to vote on the final standard. Thirteen Board members indicated an intention to vote in favour, and one to dissent. 6 On 17 April 2009, staff submitted to the Board a pre-ballot draft IFRS for SME, for written comments. Board members’ comments have now been received.
7. Staff submitted to the Board a ballot draft of a final IFRS for SMEs on 1 June 2009. Expected issuance of a final Standard...
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