IASB has announced it will be reviewing IFRS for Small and Medium Entities (SMEs). Changes may be coming out at the same time AICPA is releasing its OCBOA based framework for private companies. Both frameworks are options for private companies seeking relief from GAAP requirements.
IASB has issued a Request for Information as the first step in its initial comprehensive review of IFRS for SMEs. The objective of the Request for Information is to seek public views on whether there is a need to make any amendments to the IFRS for SMEs and, if so, what amendments should be made. The deadline for responses is Nov. 30.
When it issued the IFRS for SMEs in July 2009, the IASB said it would assess the experience entities had in implementing after the first two years. After the initial review, IASB expects to consider amendments once every three years.
The Request for Information asks specific questions on particular sections of the IFRS for SMEs, as well as general questions about respondents’ experiences. Respondents are encouraged to raise any other issues that they want to put forward.
More information, including the timetable for review, is available at ifrs.org.