Ref General Questions Response Reasoning (Please indicate (Please give clear reasoning to support your response) your response a, b, c, etc) G1 Consideration of minor improvements to full IFRSs a It is useful when an entity wants to move to full IFRSs The was developed from full IFRSs but tailored for SMEs. IFRS for SMEs As a result, the uses identical wording to full IFRSs in IFRS for SMEs many places. The IASB makes ongoing changes to full IFRSs as part of its Annual Improvements project as well as during other projects. Such amendments may clarify guidance and wording, modify definitions or make other relatively minor amendments to full IFRSs to address unintended consequences, conflicts or oversights. For more information, the IASB web pages on its Annual Improvements project can be accessed on the following link: http://go.ifrs.org/AI Some believe that because those changes are intended to improve requirements, they should naturally be incorporated in the IFRS for SMEs where they are relevant. Others note that each small change to the would IFRS for SMEs unnecessarily increase the reporting burden for SMEs because SMEs would
Ref General Questions Response (Please indicate your response a, b, c, etc) Reasoning (Please give clear reasoning to support your response) G1 Consideration of minor improvements to full IFRSs The IFRS for SMEs was developed from full IFRSs but tailored for SMEs. As a result, the IFRS for SMEs uses identical wording to full IFRSs in many places. The IASB makes ongoing changes to full IFRSs as part of its Annual Improvements project as well as during other projects. Such amendments may clarify guidance and wording, modify definitions or make other relatively minor amendments to full IFRSs to address unintended consequences, conflicts or oversights. For more information, the IASB web pages on its Annual Improvements project can be accessed on the following link: http://go.ifrs.org/AI Some believe that because those changes are intended to improve requirements, they should naturally be incorporated in the IFRS for SMEs where they are relevant. Others note that each small change to the IFRS for SMEs would unnecessarily increase the reporting burden for SMEs because SMEs would a It is useful when an entity wants to move to full IFRSs
8_494_MarkOmonaICPAU_0_ComprehensiveReviewoftheIFRSforSMEsICPAUComments.docx