IFRS for SMEs Q&A 3-3 Prescription of the format of financial statements by local regulation
- 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 Prescription of the format of financial statements by local regulation.
The draft Q&A includes a response to the question on the impact of local requirements to apply certain formats for the financial statements on an entity's ability to state compliance with the IFRS for SMEs. The response states that, provided the prescribed format under local law and regulation meets the minimal basic formatting requirements in the IFRS for SMEs, the entity will be able to state compliance with the IFRS for SMEs.
On 4 October 2011 EFRAG issued its draft comment letter in response to the draft Q&A.
On 30 November 2011 EFRAG issues its comment letter in responst to the draft Q&A. In its comment letter EFRAG recommended not issuing the Q&A.
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The draft Q&A includes a response to the question on the impact of local requirements to apply certain formats for the financial statements on an entity's ability to state compliance with the IFRS for SMEs. The response states that, provided the prescribed format under local law and regulation meets the minimal basic formatting requirements in the IFRS for SMEs, the entity will be able to state compliance with the IFRS for SMEs.
On 4 October 2011 EFRAG issued its draft comment letter in response to the draft Q&A.
On 30 November 2011 EFRAG issues its comment letter in responst to the draft Q&A. In its comment letter EFRAG recommended not issuing the Q&A.
