IFRS for SMEs Q&A 3-1 Jurisdiction requires fallback to full IFRSs
- 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 28 September 2011 the draft Q&A Jurisdiction requires fallback to full IFRSs.
The draft Q&A considers whether an entity that is required to apply (full) IFRSs as a fallback every time a particular transaction, other event or condition are not specifically covered by the IFRS for SMEs, complies with the IFRS for SMEs. The Q&A states that the entity would comply with the IFRS for SMEs when the IFRS for SMEs does not contain specific guidance.
On 4 October 2011 EFRAG issued its draft comment letter in response to the draft Q&A. On 30 November 2012 EFRAG issued its final comment letter in reponse to the draft Q&A. In its comment letter EFRAG recommnended not issuing the Q&A.
Show more...
The draft Q&A considers whether an entity that is required to apply (full) IFRSs as a fallback every time a particular transaction, other event or condition are not specifically covered by the IFRS for SMEs, complies with the IFRS for SMEs. The Q&A states that the entity would comply with the IFRS for SMEs when the IFRS for SMEs does not contain specific guidance.
On 4 October 2011 EFRAG issued its draft comment letter in response to the draft Q&A. On 30 November 2012 EFRAG issued its final comment letter in reponse to the draft Q&A. In its comment letter EFRAG recommnended not issuing the Q&A.
