standards At glance
Our updating standards tool aim to make you up to date either you are site visitors, clients or other professionals , we try to keep you on track for IFRS , GAAP, GAAS, ISAs areas with enhancing you by latest discussions, Articles , newsletters that facilitate the application of the standards and provide you with clarifications or guides though latest questions and answers issued by implementation group of SMEs (IGSMEs) , updaing exposure drafts and finally new issued standards
Request for Information: Comprehensive Review of the IFRS for SMEs Standard
As published on board website ,
"The International Accounting Standards Board (Board) is asking for views on its approach to updating the IFRS for SMEs® Standard—the simplified accounting standard for small and medium-sized entities.
The IFRS for SMEs Standard is required or permitted in more than 80 countries and is used by millions of companies.
The objective of the consultation is to seek views on whether and how to align the IFRS for SMEs Standard with full IFRS Standards, which are the Standards developed for publicly accountable entities and currently required in more than 140 jurisdictions.
The Request for Information asks for views on different approaches to updating the IFRS for SMEs Standard, as well as views on how the Standard could be aligned with newer IFRS Standards, such as IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.
Responses to this Request for Information will help the SMEIG develop recommendations for the Board on whether and how to amend the IFRS for SMEs Standard. Any proposed changes will be subject to further consultation "
source : https://www.ifrs.org/projects/work-plan/2019-comprehensive-review-of-the-ifrs-for-smes-standard/comment-letters-projects/request-for-information/
"Accordingly we are in process to finalize and publish our comments soon and we appreciate such efforts to improve IFRS for SMEs " shady Mehehlba said .
Exposure Draft and comment letters: General Presentation and Disclosures (Primary Financial Statements)
The board (IASB ) published:
The International Accounting Standards Board (Board) has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. Responding to investor demand, the proposals would require more comparable information in the statement of profit or loss and a more disciplined and transparent approach to the reporting of management-defined performance measures (‘non-GAAP’).
The Board developed these proposals as part of its Primary Financial Statements project and wider work on ‘Better Communication in Financial Reporting’. The proposals cover three main topics.
1- New subtotals in the statement of profit or loss
2- Non-GAAP’ transparency
3- Improved disaggregation of information
Useful link to comment
we are grateful for the board continuous improvements , Also we were delighted to send our comment on this topic to the Board and share our efforts in such area by including our proposals which you may review by downloading the file