Comments Invited on Q&As for IFRS for SMEs
The SME Implementation Group (SMEIG) has published five draft Questions & Answers (Q&As) on the IFRS for SMEs and is inviting comments until November 30, 2011.
The draft covers the application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued; interpretation of ‘undue cost or effort’ and ‘impracticable’; jurisdiction requires fallback to full IFRSs; departure from a principle in the IFRS for SMEs; and prescription of the format of financial statements by local regulation.
The SMEIG is responsible for assisting the IASB on matters relating to the implementation of the IFRS for SMEs, which is a self-contained standard designed to meet the needs and capabilities of small and medium-sized entities.
The SMEIG is currently reviewing comments received on three other draft Q&As, for which the comment period ended in June 2011.
This invitation for comments was released following the announcement from the Trustees of the IFRS Foundation about Tom Seidenstein’s, Chief Operating Officer of the IFRS Foundation, resignation from his role at the end of the year in order to return to the United States.
Mr Seidenstein joined the Foundation in 2000 and has managed the operation of the Foundation, work related to strategy, governance and policy, and financing.
The Trustees have begun a search process for his successor, who will have the title of Executive Director.
Commenting on the announcement, Robert Glauber, Vice-Chair and acting Co-Chair of the IFRS Foundation Trustees said: “Tom has played an important role in the development of the Foundation and its work to establish the IASB as the global standard-setter. The Trustees wish to express their deep gratitude for the significant contribution Tom has made in the past 11 years. We wish him well in his new role.”