The IFRS Foundation, the body responsible for the adoption of International Financial Reporting Standards (IFRSs) and the oversight of the International Accounting Standards Board (IASB), has announced the membership of the newly-created SME Implementation Group. The mission of the group is to support the international adoption of the IFRS for small and medium-sized enterprises (SMEs) and to monitor its implementation. The group has two main responsibilities:
- To develop non-mandatory guidance for implementing the IFRS for SMEs in the form of questions and answers that will be made publicly available on a timely basis.
- To make recommendations to the IASB if and when needed regarding amendments to the IFRS for SMEs.
The 21 members of the group were selected on the basis of their knowledge and experience in the financial reporting of SMEs. Although members of the group do not act as country representatives, the trustees of the IFRS Foundation have sought to ensure a balanced geographical distribution in selecting its members. Paul Pacter, board member of IASB, will act as chairman. Representatives of the European Commission and the European Financial Reporting Advisory Group (EFRAG) will participate in the work of the group as observers.
The members of the group will serve a renewable term of two years from July 2010.
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