Reasons of IASB undertake this project and the timeline of t
03-25, 2011
Reasons of IASB undertake this project and the timeline of the project.
Because the objective of full IFRSs is to meet the needs of equity investors of the companies in public capital market, the issues of full IFRSs are wide-ranging coverage, the amount of implementation guidance of them are sizeable, and include disclosures appropriate for the public companies. But these needs have no use for the users of the financial statements of SMEs, actually留學(xué)生會(huì)計(jì)專業(yè)dissertation需求 the assessments of ashorter term cash flows, liquidity and solvency are more focused by the users of SMEs. Further more, these have become a burden for the SMEs, and with the issues of IFRSs have become more detailed and have be used for more countries, the burden on SMEs has also been growing. Thus, in developing the proposed IFRS for SMEs, it will be derived from full IFRSs with appropriate modification based on the needs of cost-benefit considerations and the users of financial statement of the SMEs which do not have public accountability or need to publish general purpose financial statement for external users.
The chart below are explained the timeline of the project.
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July 2003
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The former IASC agenda carried forward the project, IASB began to deliberate.
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June 2004
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The discussion paper (DP) about Preliminary Views on Accounting Standards for Small and Medium-sized Entities（SMEs）had been published; comment deadline 24 September 2004.
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April 2005
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Did Staff Questionnaire research on Possible Recognition and Measurement Modifications for SMEs.
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October 2005
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Public round-table discussions with the Board on recognition and measurement simplifications.
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July 2003 — February 2007:
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31 public Board meetings had been held to deliberate the issues by the Board.
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August 2006:
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A complete staff draft of the exposure draft (ED) is posted on the IASB website.
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November 2006
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A revised staff draft is posted on the IASB website.
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February 2007:
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The ED(English language) of IFRS for SMEs that was issued;
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April 2007:
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Publication of a staff overview of the ED on the IASB’s website.
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June 2007:
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116 small companies in 20 countries paticipated in 'field testing' of the ED.
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November 2007
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The project had been Translated into four languages and posted subsequently.
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30 November 2007:
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comment period for the ED ended; The Board received162 letters of comment on ED
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March – April 2008:
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Staff has completed an analysis of the field test results and present an overview of the main issues raised in the comment letters and field tests to the Board in April 2008.
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April 2008:
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The Working Group (WG) met on 10-11 April 2008 to review the comments on the ED, the field test results and staff recommendations
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May and July 2008
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The WG recommendations for changes to the proposals in the ED were submitted to the Board in May 2008 (all recommendations other than disclosures) and in July 2008 (recommendation relating to disclosures)
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May 2008 ─ April 2009:
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Board redeliberations of the proposals in the ED at 13 public Board meetings. At the meeting, the Board re-deliberated the proposals in the ED.
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April 2009
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Board decides that the name of the final standard will be International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), as proposed in the ED.
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June 2009:
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Staff submitted a ballot draft of a final IFRS for SMEs to the Board on 1st June 2009; 13 Board members vote in favour, 1 dissenting opinion.
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July 2009
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Publication of the IFRS for SMEs
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Discussion of the proposals in the Exposure Draft that was issued in February 2007 and the steps taken to deliberate on the contents of the Exposure Draft.
IASB published the Exposure Draft (ED) of a proposed IFRS for SMEs in February 2007, with a comment deadline of 1 October 2007. The publication of ED is to meet the needs of the users of the smaller, non-listed companies. However, they were required to relate to the full IFRSs, it also means it would not be a stand-alone document. Therefor, the proposed standards of ED were aimed to provide a set of accounting principles which are simplified, workable and self-contained. For these targets, the ED proposed five types of simplification of full IFRSs. First, some topics which are not generally relevant to SMEs have been eliminated, and for some topics about SMEs encountered circumstances of a transaction which are not included in the full IFRSs, ED proposed to add these topics in the full IFRSs but not in the IFRS for SMEs, because IFRS for SMEs have to follow the relevant full IFRS. Secondly, some choices for accounting treatment have been removed, the exposure draft just keep only the simpler option and proposed that SMEs should be allowed to choose the more complex option by reverting to the relevant full IFRS. Otherwise, some methods for recognition and measurement have been simplified, for example the principles for recognising and measuring assets, liabilities, income, and expenses that are in full IFRSs. Also the ED proposed to simplify redrafting and substantially fewer disclosures. As a result, compare with the full IFRSs, over 85% of accounting guidance applicable to SMEs have been reduced in the ED.
With the publication of ED, IASB also published and invited comments on proposed implementation guidance and completed a field test programme. By the end of the deadline on 30 November 2007, The Board received 162 letters of comment on the exposure draft. For the main responses on the ED, in March 2008, the Board bagan its redeliberations on the proposals in the ED. During the redeliberate period, 13 public Board meeting had been held, at the fist meeting in March 2008, an overview of the main responses on the ED which they received from the comment letters had been presented, the main responses are relating to scope, recognition, measurement and presentation. Then at the second meeting which held in April 2008, an overview of the main issues which were collected from the programme for field testing the ED were also was presented. There were no any issues for decision were carried http://www.400190.com/dissertation_writing/Accounting/#p#分頁標(biāo)題#e#out in these two meetings. To discuss the issues they present in the first two meeting, the staff of the Board met on 10 and 11 April 2008, and the staff's recommendations on each issue had been presented to the Board at the Board's meeting in May 2008. Then at the Board's meeting in July 2008, the working group member's recommendations which relating to disclosure were presented to the Board in an agenda paper and the Board had posted the reports about the recommendations on the IASB's website. The redeliberations on the ED was continued until February 2009, and the Board had presented a list of the main changes which were resulted by those redeliberations. Finally, in March 2009, the Board made a statement that the changes made did not warrant re-exposure after they considered the changes relating the guidelines for re-exposure in the Due Process Handbook for IASB.
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