The SME Implementation Group has issued the
first draft guidance for implementing International Financial
Reporting Standard for Small and Medium-sized Entities (IFRS for

The new guidance addresses whether a parent
entity that itself does not have public accountability may present
its separate financial statements in accordance with the IFRS for
SMEs if it is part of a group that is required or elects to present
consolidated financial statements in accordance with full

The SME Implementation Group is responsible
for developing non-mandatory and timely guidance on specific
accounting questions being raised by those implementing IFRS for
SMEs. It also makes recommendations to the International Accounting
Standards Board regarding amendments to the IFRS for SMEs.

The recommendations are then considered every
three years when the IFRS for SMEs is updated.

Deadline to comment on the guidance is 4


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