Comparison Of IFRS For SMEs And National GAAP Of Nine .
Comparison of IFRS for SMEs andnational GAAP of nine European countries
About EFAAThe European Federation of Accountants andAuditors for Small and Medium-sized Enterprises(EFAA) represents accountants and auditorsproviding professional services primarily to smalland medium-sized enterprises (SMEs) both withinthe European Union and in Europe as a whole.Constituents are mainly practitioners from smalland medium-sized practices (SMPs), including asignificant number of sole practitioners. EFAA’smembers are, therefore, SMEs themselves andprovide a range of professional services (eg audit,accounting, bookkeeping, tax and business advice)to SMEs. The European Federation of Accountants and2Auditorsfor Small and Medium-sized Enterprises(EFAA), 2010
Comparison of IFRS for SMEs andnational GAAP of nine EuropeancountriesThe European Federation of Accountants and Auditorsfor Small and Medium-sized EnterprisesPublished by the Association of Chartered Certified Accountants (London) 2010
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1. IntroductionEFAA commissioned a report in 2009 to identify thecurrent differences between the various national GenerallyAccepted Accounting Principles (GAAP) and theaccounting principles laid down in International FinancialReporting Standards (IFRS) for SMEs. IFRS for SMEs waspublished as a standard in July 2009 by the InternationalAccounting Standards Board (IASB) and was designed forcompanies with no public accountability. These weredefined as being those companies whose shares or debtwere not listed on a public exchange or that were notfinancial institutions with fiduciary responsibilities.National jurisdictions would decide on the scope of theapplication of IFRS for SMEs, but inevitably it would beapplied to a significant number and an extensive range ofprivately controlled enterprises.This comparison collates the differences between thenational GAAP of nine European Countries: , andPoland.The report has been prepared to help assess theimplications of the possible adoption of IFRS for SMEs inEurope. It looks at a substantial sample of the moresignificant requirements of IFRS for SMEs and highlightsthe potential differences.This report is an addition to that produced by theEuropean Financial Reporting Advisory Group (EFRAG) inNovember 2009. In its report, EFRAG responded to arequest to give the European Commission advice detailingexactly which points in the IFRS for SMEs are incompatiblewith the European Union (EU) Accounting Directives.EFRAG issued its advice on 2 May 2010, noting thefollowing incompatibilities between the requirementswithin IFRS SMEs and those within the EU AccountingDirectives.i.The prohibition to present or describe any items ofincome and expense as ‘extraordinary items’ in thestatement of comprehensive income (or in the incomestatement, if presented) or in the notes.ii. The requirement to measure non-basic financialinstruments at fair value.iv. The requirement to recognise any negative goodwillimmediately in profit or loss.v. The requirement to present the amount receivable fromequity instruments, issued before the entity receivesthe cash or other resources, as an offset to equity andnot as an asset.vi. The prohibition to reverse an impairment lossrecognised for goodwill.The EFRAG report considered only the incompatibilitiesthat were evident between the accounting directives andthe IFRS for SMEs.This EFAA report aims to extend the EFRAG study onincompatibility by considering some of the practicaldifferences that might exist between the national GAAPapplied in the nine member states listed above and theIFRS for SMEs. This report investigates whether, beyondthe items identified by EFRAG, there are furtherinconsistencies created either by the member stateoptions in the Directives when they are transposed intonational law, or by other requirements of national law oraccounting standards.The respondents were provided with a questionnaire thatasked them to consider 74 different areas of the IFRS forSMEs and to identify the current method of accountingunder their own national GAAP.The 74 questions were split into eight sections: Accounting framework Financial statements Assets and liabilities Business combinations, consolidated financialstatements and investments in associates and jointventures Liabilities and equity Income and expenses Foreign currency translation, and Specialised activities.Further investigation should provide additional informationto highlight other differences between national GAAP andIFRS for SMES.iii. The requirement to presume the useful life of goodwillto be ten years, if an entity is unable to make a reliableestimate of the useful life.Comparison of IFRS for SMEs and national GAAP of nine European countries5
2. Accounting framework2.1 Scope2.2 ValuationThe intended scope of IFRS for SMEs is all enterprises thatdo not have public accountability and publish generalpurpose financial statements.The valuation requirement for IFRS for SMEs is that assetsare generally valued at historical cost while investmentproperty and biological assets have to be revalued at fairvalue. Certain financial instruments are also to bemeasured at fair value. All items are subject to impairmentreview.SummaryThe scope of the application of the national accountingframework differs in all countries. Some countries alreadyapply IFRS as an option for consolidated accounts ofnon-listed enterprises (whereas it is mandatory for listedenterprises), while others have already applied the broadprinciples of national GAAP.National GAAP is still mandatory and covers a variety ofenterprises regardless of their legal status. There may besome enterprises that do not fall into the scope of IFRS forSMEs because they have public accountability. Others areexcluded from national GAAP because of specific provisionssuch as micro-sole traders in Germany and smallenterprises and non-profit enterprises in Norway wherethey can use a simplified version of its national GAAP.ImpactEven though the IASB is of the opinion that IFRS for SMEsis suitable for all enterprises regardless of size, it leaves itup to national jurisdictions to decide whether allenterprises are obliged to apply IFRS for SMEs or whethernational jurisdictions should define their own limits formicro-enterprises and exempt these from the application.There are clear variations across the sample in theapplication of national GAAP for micro-enterprises andnon-profit organisations, which would need to beaddressed on the application of IFRS for SMEs.SummaryMost of the countries listed above have a valuation systembased on historical costs, which allows some limited use offair value. In particular, most allow fair value accounting forcertain financial instruments, albeit in some countries thisis restricted to the accounting of banks and financialservice providers. In one instance, Portugal, fair valueaccounting is only possible in respect of tangible assets.ImpactThe method of valuation is highly significant for companybalance sheets, and a change in the method of valuationwould affect all countries, with particular impact in thosecountries that do not already allow fair value to the extentthat the IFRS for SMEs requires it (see section 4 below).2.3 ConceptsIFRS for SMEs requires that an entity shall prepare itsfinancial statements, except for cash flow information,using the accrual basis for accounting. The qualitativecharacteristics of information in financial statements are:understandability, relevance, materiality, reliability,substance over form, prudence, completeness, comparability,timeliness, and a balance between benefit and cost.SummaryAll countries’ GAAP is based on the same principles,although these may be weighted slightly differently insome cases. Two notable distinctions are in France, wherethe principle of substance over form is restricted toconsolidated accounts, and in Italy, where this principle isforbidden in certain cases involving the presentation andmeasurement of financial leases.ImpactThere do not appear to be wide variations in concepts. Theprobable differences appear to concentrate on theprinciple of substance over form, which would affectcompanies in France and Italy. The impact could besignificant and is further discussed in section 4.11.6
2.4 Fair presentationThe application of IFRS for SMEs, with additionaldisclosure when necessary, is presumed to result infinancial statements that achieve a fair presentation of thefinancial position, financial performance and cash flows.Departure is only allowed in extremely rare circumstanceswhen compliance would be so misleading that it conflictswith the objective that the financial statements are fairlypresented.SummaryIn accordance with the Fourth Directive, all EU countriesapply the true and fair view rules either by relevant rules intheir national GAAP or by allowing departure from nationalGAAP if necessary for a true and fair view, or by applyingIFRS for SMEs. Some countries require additionaldisclosures in the accompanying notes.ImpactThere do not appear to be wide variations in the conceptof fair presentation.2.5 First-time adoptionIFRS for SMEs requires full retrospective application, withten optional exemptions, one general exemption and fivemandatory exemptions.SummaryCountries have different regulations regarding thepossibility of retrospective application of new rules.ImpactSince retrospective application of IFRS for SMEs isprovided for in the rules itself, this could provide fordifferences on application.2.6 Selection of accounting policiesIFRS for SMEs requires that where it does not specificallyaddress a transaction, management should use itsjudgement to provide information in the financialstatements that is relevant for the needs of the users, andthat is reliable.SummaryMost countries have similar provisions. Some countriesrequire full disclosure in the accompanying notes of allmajor management valuation methods other than thoseregulated for in the respective GAAP.ImpactNegligible.Comparison of IFRS for SMEs and national GAAP of nine European countries7
3. Financial statements3.1 Components of financial statementsIFRS for SMEs requires that a complete set of financialstatements comprises: a statement of financial position;either a single statement of comprehensive income or aseparate income statement and a separate statement ofcomprehensive income; a statement of changes in equity;a statement of cash flows; and explanatory notescomprising a summary of significant accounting policies.There is no prescribed format.SummaryComponents of the financial statements are broadlysimilar in the survey countries except for the cash flowstatements (see section 3.6) where differences are evidentwith respect to the requirement to include a cash flowstatement. In the Netherlands, Italy and Portugal, cashflow statements are not required, whereas in Germany andFrance they are required only for consolidated accounts orfor enterprises listed in capital markets whose financialstatements follow the IFRS format. The UK allows whollyowned subsidiaries and small companies an exemption(Spain allows an exemption for the latter) from therequirement to prepare a cash flow statement.ImpactNew mandatory cash flow statements would increase thecosts of preparing financial statements but would also givemore precise information to stakeholders (see section 3.6).3.3 Statement of total comprehensive incomeand income statementIFRS for SMEs requires that an entity shall present its totalcomprehensive income in a single statement or in twostatements as outlined in section 3.1 above. An incomestatement includes revenues, finance costs, shares in theresults of joint ventures and associates (under the equitymethod), tax expenses, and discontinued operations. Acomprehensive income statement includes a share in theother comprehensive income of joint ventures andassociates, and any other comprehensive income.Separate disclosure in a statement or in the accompanyingnotes is required if material. Extraordinary items are notallowed.SummarySome countries require statements of comprehensiveincome and income statements that are broadly consistentwith IFRS for SMEs and some countries do not require acomprehensive income statement.In France, Germany, Norway, Portugal and Poland thestatement of other comprehensive income does not exist.ImpactThe inclusion of comprehensive income statements leadsto additional detailed information for potential users butcan also increase the cost of the preparation of thefinancial statements.3.2 Statement of financial position3.4 Statement of changes in equityIFRS for SMEs requires, as a minimum, that the statementof financial position shall include line items that presentthe following amounts: cash and cash equivalents, tradeand other receivables, financial assets, inventories, property,plant and equipment, investment property, intangibleassets, biological assets, investments in associates andjointly controlled enterprises, trade and other payables,financial liabilities, assets and liabilities for current anddeferred tax, provisions, non-controlling interests andequity attributable to the owners of the parent. A current/non-current distinction is made of assets and liabilities.SummaryThere is no mandatory distinction between current andnon-current assets in Germany and France whereas inPoland biological assets are not shown separately.Terminology may vary but the required items broadlymirror those in GAAP.ImpactA more detailed distinction of financial positions shouldincrease the information level of financial statements but isunlikely to lead to significant additional costs.8IFRS for SMEs requires that an entity shall present astatement of changes in equity, showing totalcomprehensive income (both attributable to the owners ofthe parent and to non-controlling interests) and also foreach component of equity, the effects attributable to changes in accountingpolicies and corrections of material prior-period errors, a reconciliation from the opening to the closing balancefor profit, each item of other comprehensive incomeand the amount of investments by and distributions toowners;SummaryIn many countries a separate statement of changes inequity is not required although, where this is the case,equivalent statements are usually presented in theaccompanying notes to the financial statements. Somecountries limit the obligation for a separate statement tocertain companies. For instance, in Germany, onlyenterprises listed on capital markets that require IFRSneed produce a statement and in the Netherlands there isan exemption for small companies from doing so.
ImpactThe obligation to disclose any changes in equity would beintroduced as a primary statement. There would be noimpact in terms of additional information as this is alreadyprovided elsewhere within the financial statements.3.7 Consistent application of accountingpolicies3.5 Statement of income and retained earningsSummaryIn all countries, GAAP requires that the choice of policies isconsistently applied and similar transactions areaccounted for in a similar manner. In Germany, exceptionsin highly justified situations are possible, but require arelated disclosure in the accompanying notes.IFRS for SMEs requires that an entity shall present astatement reconciling the retained earnings at thebeginning and at the end of each period. If changes inequity include only income, dividends and restatements,this statement may be merged with the income statement.SummaryMost countries have no separate statement of income andretained earnings, with changes in retained earningsusually being shown in the statement of equity or in theaccompanying notes. In Poland and Spain the separatestatement includes comprehensive income. Companieswithin the UK usually present a separate statement.ImpactThe option provided by IFRS for SMEs should not have amajor impact in terms of the provision of additionalinformation.3.6 Statement of cash flowsIFRS for SMEs requires that the statement of cash flowsmust present information about changes in cash and cashequivalents, showing separately the changes arising fromoperating activities, investing activities and financingactivities. A direct or indirect method may be used.SummaryDifferences are evident with respect to the requirement toinclude a cash flow statement. In the Netherlands, Italyand Portugal, cash flow statements are not required,whereas in Germany and France they are required only forconsolidated accounts or for enterprises listed on capitalmarkets that require IFRS . The UK requires a statement ofcash flows but does allow exemptions for wholly ownedsubsidiaries and for small companies. Spain also allows anexemption for small companies.IFRS for SMEs requires that an entity shall select andapply its accounting policies consistently for similartransactions.ImpactThere will be no impact since the principle is alreadyestablished in all national GAAPs surveyed.3.8 Amendment to IFRS for SMEs: transitionprovisionIFRS for SMEs requires an amendment of IFRS: if notransition provision is in existence the same procedure aswith a prior-period adjustment should be followed.SummaryMost of the countries apply the same full retrospectiveapproach, which is consistent with IFRS for SMEs.Germany does not apply a retrospective approach, whilethe Netherlands and Italy have no provision regarding thistopic in their GAAP.ImpactThe comparability of information presented in subsequentyears would be impaired on the adoption of IFRS for SMEswhere a retrospective approach is not allowed. This wouldrepresent a general change in current practice in Germany.ImpactThe option provided by IFRS for SMEs should not have amajor impact in terms of the provision of additionalinformation.Comparison of IFRS for SMEs and national GAAP of nine European countries9
3.9 A change in an allowed option is seen as achange in accounting policy3.12 Corrections of prior-period errorsretrospectively if materialIFRS for SMEs requires that a change in an allowed optionis a change in accounting policy.IFRS for SMEs requires that, to the extent practicable, anentity shall correct a material prior period errorretrospectively.SummaryA change in an allowed option is seen as a change inaccounting policy in all countries.ImpactThere will be no impact as all countries follow theprocedure outlined by IFRS for SMEs.3.10 Disclosure of critical estimates andjudgementsIFRS for SMEs requires that financial statements shoulddisclose critical estimates and judgements.SummaryFrance and Portugal have similar regulations to IFRS forSMEs. The Netherlands requires a disclosure only when itis necessary to assess the financial position and result ofthe entity or the group, but Poland requires disclosure ifcritical estimates and judgements are related to the goingconcern assumption.ImpactThe requirement for disclosure would be an unfamiliarrequirement in some countries and may lead to additionalcosts to the preparer of financial statements and to issuesover comparability.3.11 Changes in accounting estimatesprospectively and the relative balance sheetitemsIFRS for SMEs requires that changes in accountingestimates should be recognised prospectively by includingthem in the profit or loss account and by adjusting thecarrying value of the related asset, liability or equity item.SummaryMost countries have similar regulations but some countries(the Netherlands and Germany) have no specific provision.ImpactThe impact would be determined by the extent to whichthose countries with no specific provision followed theIFRS for SMEs policy, if adopted.10SummaryMost countries have a regulation to correct prior-perioderrors retrospectively similar to that included within IFRSfor SMEs. In France, the impact on prior periods would bepresented with pro forma information in the notes and inthe Netherlands a presentation in the notes is possible.Germany does not allow a retrospective correction, butonly a correction in the current financial statements.ImpactThere may be an enormous impact for Germany since thiswould create the necessity to change, certify and republishthe prior-period financial statements.3.13 Notes to the financial statements include astatement of compliance with IFRS for SMEs,accounting policies, etc.IFRS for SMEs requires that notes to the financialstatements shall include: a statement of compliance withIFRS for SMEs; accounting policies applied; criticalestimates and judgements made within the financialstatements; and supporting information for itemspresented in the primary statements in addition tochanges in accounting policies and estimates andexternally imposed capital requirements.SummaryAll countries have a legal requirement that theaccompanying notes to the financial statements includeinformation about the accounting basis on which thefinancial statements have been prepared. Other additionalinformation that is required under national GAAP variesamong the survey countries.ImpactThe impact would be minimal because each country,although having different rules, follows a similarrequirement.
3.14 Disclosure of immediate parent andultimate controlling partyIFRS for SMEs requires an entity to disclose its immediateparent and ultimate controlling party.SummaryAll countries except Portugal have the requirement todisclose the immediate parent and ultimate controllingparty.ImpactThe impact would be minimal with only Portugal having toinsert additional information.3.15 Disclosure of related-party transactions,aggregated by natureIFRS for SMEs requires disclosure of related-partytransactions, aggregated by nature.SummaryThe disclosure of related-party transactions is mandatoryin all countries except Portugal. In the Netherlands thedetailed disclosure is limited to those enterprises in whichthere is a shareholding and for other transactions the onlyjustification for disclosure is where the related-partytransactions were not at arm’s length. The UK and Italyallow exemptions from these disclosures for wholly ownedsubsidiaries.ImpactThe additional disclosure would be significant if suchtransactions were to be disclosed and would result inadditional costs in the preparation of the financialstatements. More information would, however, be disclosedto users of those financial statements.3.16 Adjusting and non-adjusting eventsIFRS for SMEs requires that adjusting events occurringbetween the end of the reporting period and the date onwhich the financial statements are authorised are thosethat provide evidence of conditions existing at the balancesheet date. Non-adjusting events (including dividendsproposed or declared afterwards) lead only to disclosure.SummaryMost companies have a regulation similar to IFRS for SMEsregarding adjusting and non-adjusting events. In Germany,strict knowledge at the balance sheet date is required forevents to lead to an adjustment and the strict adoption ofknowledge at the balance sheet date is mandatory.Nonetheless, foreseeable risks and losses occurring up tothe balance sheet date lead to adjustments if they becomeknown between the balance sheet date and the date ofpreparation of the financial statements. In the Netherlands,profit distributions may always lead to adjustments, anddividends proposed and declared after the year-end areincluded in current liabilities.ImpactThe impact will be minimal for adjusting and non-adjustingevents as most countries have a similar regulation. Somedifferences may occur on the accounting treatment ofproposed dividends.3.17 Disclosure of the date that financialstatements were authorised for issuance andwho authorised the financial statementsIFRS for SMEs requires that an entity shall disclose thedate that the statements were authorised for issuance andwho authorised them.SummaryThe disclosure of the date that financial statements wereauthorised for issuance and who authorised them ismandatory in the UK, Italy and Poland. In the last of these,appropriate explanations in the notes are sufficient if theevents do not change the conditions existing at the balancesheet date. In the Netherlands and Germany only thedisclosure of the date of authorisation is required. Franceand Spain do not require any disclosure, although in Spainthe signature of the Board is mandatoryImpactThe impact will be negligible because the information willbe readily available and easily disclosed.Comparison of IFRS for SMEs and national GAAP of nine European countries11
3.18 Disclosure if owners or other persons havethe power to amend financial statements postissuanceIFRS for SMEs requires that an entity must disclose anypower that its owners or other persons have to amend itsfinancial statements after issuance.SummaryOnly companies in Spain that apply IFRS for SMEs, and inthe Netherlands, require disclosure of any power that theowners or other persons have to amend financialstatements post issuance. All other countries’ GAAP doesnot require such a disclosure.ImpactThis should not lead to a significant impact since theinformation required can be easily obtained.12
4. Assets and liabilities4.1 Definitions and recognition criteria forassets and liabilitiesIFRS for SMEs requires that assets are recognised whenhaving future economic benefits and liabilities and whenthere is a present obligation for an entity to act in a certainway, if it is probable that future economic benefits wouldflow to or flow from the entity and the relative cost orbenefit can be measured reliably.SummaryMost of the countries have definitions of assets andliabilities that are broadly similar to those in IFRS forSMEs. The exception is in Italy, where no general definitionis provided in statute.4.3 Investment propertyIFRS for SMEs requires that investment property whosefair value can be measured reliably is accounted for at fairvalue through profit or loss. Where fair value involvesundue cost or effort or cannot be determined, it isaccounted for as property, plant and equipment (PPE).SummaryMost countries treat investment property in the same wayas other PPE; that is, at amortised cost. There is arestricted use of fair value in Italy and Poland and a choicebetween the two methods is allowed in the Netherlands.The UK is consistent with IFRS for SMEs on the balancesheet but the treatment of the changes in fair value is verydifferent.ImpactThe significance of such general definitions is hard topredict. The definition would be important where there isno other form of accounting guidance for a specific itemand in such cases preparers of financial statements wouldrevert to these definitions and, indeed, other elements ofthe conceptual framework. The other significance of thedefinitions is when they throw up internal contradictionsbetween themselves and some of the specific accountingrequirements.ImpactRelatively few companies have investment properties;mostly those in insurance or property development. Theimpact would therefore depend on how much the fairvalue alternative is used. For the companies involved therecould be a significant change, but quite a number maydecide that ‘fair values are not readily obtainable withoutundue cost and effort’ and then they can revert to the PPEtreatment under IFRS for SMEs.Norway highlighted the control element in its definition butthis is included in the definition in the IFRS for SMEs.4.4 Property, Plant and Equipment (PPE)4.2 InventoriesIFRS for SMEs requires that inventories be measured atthe lower of cost (first in, first out (FIFO) or weightedaverage), including all direct purchase costs and theestimated selling price less costs to complete or sell.SummaryThe nine countries surveyed can be divided into twogroups: those that use valuation principles that arecomparable to IFRS for SMEs (UK, France, Spain, Portugaland Norway) and those where LIFO (last in, first out) isallowed as well (Netherlands, Germany, Italy and Poland).ImpactInventories are a material item in the financial statementsof many businesses. Although in reality both LIFO and FIFOare only cost allocation methods, the use of LIFO, ratherthan FIFO, tends to produce material differences inreported profits and balance sheet values. In times ofrising prices the use of LIFO tends to reduce profits andinventory values and so can be popular for tax purposes.In all the ‘LIFO countries’ this is an option, not arequirement. The impact of this difference would thereforedepend on how many companies in these countriescurrently adopt the use of LIFO and would have to changetheir valuation methods.IFRS for SMEs requires that PPE be measured at cost(including direct attributable expenses), less accumulateddepreciation and any accumulated impairment losses.SummaryThe treatment in IFRS for SMEs would be broadly in linewith that used in all the countries. There are revaluationoptions in five countries (UK, Netherlands, Italy, Portugaland Poland) and for any companies that have taken up therevaluation option there would be a clear change. Thereseems to be an option for expensing certain costs inFrance that might have to be capitalised under IFRS forSMEs.ImpactThe impact of the differences between countries dependson how much these options have been exercised.Revaluation has been used by a minority of companies inthe UK and this affects not only the balance sheet values,but also the depreciation cost and the profit or loss ondisposal.There may be other, more detailed aspects of theaccounting for PPE under IFRS for SMEs that may also giverise to differences, eg on subsequent expenditure andresidual values.Comparison of IFRS for SMEs and national GAAP of nine European countries13
4.5 Intangibles, other than goodwill4.7 Impairment of inventory and of other assetsIFRS for SMEs requires intangible assets other thangoodwill to be measured at cost. ‘Cost’ here includesdirect attributable expenses, less accumulatedamortisation and accumulated impairment losses.Internally gene
IFRS for SMEs requires full retrospective application, with ten optional exemptions, one general exemption and five mandatory exemptions. Summary Countries have different regulations regarding the possibility of retrospective application of new rules. Impact Since retro
(a) IFRS 9 Financial Instruments (Part A); and (b) IFRS 15 Revenue from Contracts with Customers (Part B). Introduction 2 IFRS 17 is effective from 1 January 2021. An insurer can choose to apply IFRS 17 before that date but only if it also applies IFRS 9. 3 The paper considers components of IFRS 9 and IFRS 15 that are relevant to the
(IFRS for SMEs 7.1, full IFRS IAS 7.10). So the user of the statement is able to evaluate the impact of the entity’s activities on the financial position (IFRS for SMEs 7.1, full IFRS IAS 7.11). This is an essential aspect for both the readers of the financial statements of t
from the entity size. (McQuaid 2009) The IFRS for SMEs is a stand-alone standard unlike from all the accounting policies in full IFRS that had been permitted by the Exposure Draft with cross-references to IFRS. Because IFRS for SMEs is a stand-alone standard there are no cross-references to full
for the IFRS for SMEs Standard including the full text of Section 35 Transition to the IFRS for SMEs of the IFRS for SMEs Standard issued by the International Accounting Standards Board in October 2015 with extensive
New IFRS Standards—IFRS 16 Leases Page 1 of 26 . Agenda ref 30E STAFF PAPER June 2019 IASB Meeting Project Comprehensive review of the IFRS for SMEs Standard Paper topic New IFRS Standards—IFRS 16 Leases CONTACT(S) Yousouf Hansye ykhansye@ifrs.org 44 (0) 20 7246 6470
IFRS 17 basics IFRS 17 is the new accounting standard for Insurance Contracts published 18 May 2017 Replace the interim standard IFRS 4 (not standardized across jurisdictions) EU endorsement still under process Go-live 1st January 2022 18 May 2017 IFRS 17 Publication Effective application of IFRS 17 & IFRS 9 1st January 2022 IFRS 17 Go-live ! Transitory
Jul 09, 2009 · the foundation of full IFRS. Even after the IASB’s recent Amendments to the Standard, it is likely to be no more than 250 pages (a full revised version of the IFRS for SMEs will be released in the coming months). By way of contrast the text of full IFRS comes to thousands of pa
Adopting IFRS – A step-by-step illustration of the transition to IFRS Illustrates the steps involved in preparing the first IFRS financial statements. It takes into account the effect on IFRS 1 of the standards issued up to and including March 2004. Financial instruments under IFRS – A guide through the maze
