Name of Submitter: Mark Omona Organisation: Institute of Certified Public Accountants of Uganda Country / jurisdiction: Uganda Correspondence address and/or email: , Ref Question Response Reasoning (Please indicate (Please give clear reasoning to support your response) your response a, b, c, etc) S1 Use by publicly traded entities (Section 1) a To enable enhanced disclosures, publicly traded entities should be required to apply full IFRS. The currently prohibits an entity whose debt or equity IFRS for SMEs instruments are traded in a public market from using the IFRS for SMEs (paragraph 1.3(a)). The IASB concluded that all entities that choose to enter a public securities market become publicly accountable and, therefore, should use full IFRSs. Some interested parties believe that governments and regulatory authorities in each individual jurisdiction should decide whether some publicly traded entities should be eligible to use the on the IFRS for SMEs basis of their assessment of the public interest, the needs of investors in their jurisdiction and the capabilities of those publicly traded companies to
Name of Submitter: Mark Omona Organisation: Institute of Certified Public Accountants of Uganda Country / jurisdiction: Uganda Correspondence address and/or email: , Ref Question Response (Please indicate your response a, b, c, etc) Reasoning (Please give clear reasoning to support your response) S1 Use by publicly traded entities (Section 1) The IFRS for SMEs currently prohibits an entity whose debt or equity instruments are traded in a public market from using the IFRS for SMEs (paragraph 1.3(a)). The IASB concluded that all entities that choose to enter a public securities market become publicly accountable and, therefore, should use full IFRSs. Some interested parties believe that governments and regulatory authorities in each individual jurisdiction should decide whether some publicly traded entities should be eligible to use the IFRS for SMEs on the basis of their assessment of the public interest, the needs of investors in their jurisdiction and the capabilities of those publicly traded companies to a To enable enhanced disclosures, publicly traded entities should be required to apply full IFRS.
8_494_MarkOmonaICPAU_0_ComprehensiveReviewoftheIFRSforSMEsICPAUComments.docx