IFRS for SMEs Q&A 1-1 Use of the IFRS for SMEs in parent's separate financial statements
- Completed
- Completed
- Rasmus Sommer
Description
The IFRS Foundation's SME Implementation Group, which assists the IASB in supporting the implementation of the IFRS for SMEs, published on 24 February 2011 a draft Q&A for public comment.
The Q&A addresses the issue of whether the parent entity can present its separate financial statements in accordance with the IFRS for SMEs if the group is required to present consolidated financial statements in accordance with full IFRSs.
According to the draft Q&A, a parent entity may present its separate financial statements in accordance with the IFRS for SMEs if it itself does not have public accountability.
EFRAG submitted its comment letter in response to the draft Q&A on 4 April 2011. EFRAG considered the draft Q&A to be incomplete, as it did not address whether an entity can choose only to prepare separate financial statements in accordance with the IFRS for SMEs and claim these to be in accordance with the IFRS for SMEs when the consolidated statements have not been prepared in accordance with the IFRS for SMEs.
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The Q&A addresses the issue of whether the parent entity can present its separate financial statements in accordance with the IFRS for SMEs if the group is required to present consolidated financial statements in accordance with full IFRSs.
According to the draft Q&A, a parent entity may present its separate financial statements in accordance with the IFRS for SMEs if it itself does not have public accountability.
EFRAG submitted its comment letter in response to the draft Q&A on 4 April 2011. EFRAG considered the draft Q&A to be incomplete, as it did not address whether an entity can choose only to prepare separate financial statements in accordance with the IFRS for SMEs and claim these to be in accordance with the IFRS for SMEs when the consolidated statements have not been prepared in accordance with the IFRS for SMEs.
