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The SME Implementation Group (SMEIG) today published two question and answer documents (Q&As) on the IFRS for SMEs:
- Q&A 2011/02 Entities that typically have public accountability
- Q&A 2011/03 Interpretation of ‘traded in a public market’ in applying the IFRS for SMEs
These two Q&As contain guidance to help entities assess whether they have public accountability and, therefore, whether they meet the scope requirements in Section 1 of the IFRS for SMEs.
The final Q&As reflect the input that the SMEIG received on the publication of three draft Q&As in April 2011 on these topics.
Q&As published by the SME Implementation Group are non-mandatory guidance that will help those who use the IFRS for SMEs to think about specific accounting questions. They are not intended to modify in any way the application of full IFRSs.
Source: International Accounting Standards Board
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