SME Update
June 2016 edition
Welcome to the IFRS for SMEs Update

The International Accounting Standards Board (the Board) produces a newsletter, the IFRS for SMEs Update, which is a staff summary of news, events and other information. The newsletter is issued monthly and all past issues are available in both HTML and PDF format on the Board's website.


Contact us

If you have news about IFRS for SMEs Standard activities in your jurisdiction, questions about the content of the IFRS for SMEs Standard or implementation issues please contact:

Darrel Scott
IASB Member and Chairman of the SME Implementation Group

Michelle Fisher
Senior Technical Manager—IFRS for SMEs Standard

For questions about training material, conferences, and workshops please contact:
Matthew Tilling
Director, IFRS Education Initiative

For copyright and translation issues please contact:
Karin Jones
Head of Publications and Adoption Support
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IFRS Foundation appoints new members to the SMEIG

On 15 June 2016 the IFRS Foundation announced the appointment of 11 new members to the Small and Medium-sized Entities Implementation Group (SMEIG), effective 1 July 2016.

The SMEIG is an advisory body to the Board. Its mission is to support the international adoption of the IFRS for SMEs Standard and to monitor its implementation.

The SMEIG’s two main responsibilities are:
  • to consider implementation issues raised by small and medium-sized entities (SMEs) and other interested parties and develop proposed guidance in the form of non-mandatory questions and answers (Q&As); and
  • to consider issues and make recommendations to the Board on the need to amend the IFRS for SMEs Standard.
The SMEIG was set up in 2010 by the Trustees of the IFRS Foundation following a public call for nominations. On 30 June 2016, the third and final term of 10 of the 26 existing SMEIG members will come to an end. With effect from 1 July 2016, 11 new members have been appointed for a three-year term. The other 16 SMEIG members are part way through their first term.

The new appointments were made by reference to the qualifications of the individual applicants and the desire to achieve a professional and geographical balance in the SMEIG’s membership.

Membership of the SMEIG is personal; this means that members participate and vote in accordance with their own independent views, not as representatives voting in accordance with the views of their associated firm, organisation or constituency.

A current list of members and more information about the SMEIG can be found on our website here.

New appointments to the SMEIG:
Name Country Affiliation
Ago Vilu EstoniaCountry Managing Partner, PricewaterhouseCoopers
Bee Leng Tan MalaysiaExecutive Director, Malaysian Accounting Standards Board
Carlos Manuel Llobet San Nicolás VenezuelaPartner, Llobet, Lugo & Asociados
Daniel Sarmiento Pavas ColombiaConsejero, Consejo Técnico de la contaduría pública
Kelly Wayne Karmazin United States of AmericaPartner, Seim Johnson LLP
Marta Cristina Pelucio Grecco BrazilManaging Partner, Praesum International Accounting
Paul Thompson GlobalDirector, Global Accountancy Profession Support, International Federation of Accountants
Rakesh Latchana GuyanaPartner, Ram & McRae
Raymond Betserayi Chamboko Zimbabwe and South AfricaDirector and Head of Advisory, W Technical Consulting SA
Ulla Stenfors SwedenAccounting Expert, Swedish Accounting Standards Board
Wayne Robert Twigg South AfricaManaging Member, Twigg

IFRS for SMEs translations: status report

The 2015 Amendments to the IFRS for SMEs and Part A of the IFRS for SMEs 2015 (Bound Volume), (the 2015 requirements), are available to eIFRS basic subscribers in Spanish and Albanian on our SME webpages. The complete IFRS for SMEs 2015 (Bound Volume) is available in Spanish from our IFRS Shop.

The following translations of the 2015 requirements are currently in progress:
  • Japanese and Brazilian Portuguese translations of the IFRS for SMEs 2015 (Bound Volume);
  • Bosnian translation of Part A of the IFRS for SMEs 2015; and.
  • Arabic translation of the 2015 Amendments to the IFRS for SMEs.

The following translations of the 2009 IFRS for SMEs are available and have been approved by the IFRS Foundation:

Completed: Albanian*, Arabic, Armenian*, Bosnian*, Bulgarian*, Chinese (simplified)*, Croatian*, Czech*, Estonian*, French*, Georgian, German, Hebrew*, Italian*, Japanese*, Kazakh*, Khmer*, Lithuanian*, Macedonian*, Mongolian*, Polish*, Portuguese*, Romanian*, Russian*, Serbian, Spanish*, Turkish* and Ukrainian*.

*Available for free download here (for translations not marked with an * please see our IFRS Shop for details on how to purchase a hard copy).

Where to obtain information about the IFRS for SMEs Standard
Disclaimer: The content of this Update does not represent the views of the IASB or the IFRS Foundation and is not an official endorsement of any of the information provided. The information published in this newsletter originates from various sources and is accurate to the best of our knowledge.
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