Reasons of IASB undertake this project and the timeline of t
时间:2011-03-25 09:23:40 来源:www.ukthesis.org 作者：英国论文网 点击:234次
Reasons of IASB undertake this project and the timeline of the project. Because the objective of full IFRSs is to meet the needs of equity investors of the companies in public capital market, the issues of full IFRSs are wide-ranging coverage, the amount of implementation guidance of them are sizeable, and include disclosures appropriate for the public companies. But these needs have no use for the users of the financial statements of SMEs, actually留学生会计专业论文需求 the assessments of ashorter term cash flows, liquidity and solvency are more focused by the users of SMEs. Further more, these have become a burden for the SMEs, and with the issues of IFRSs have become more detailed and have be used for more countries, the burden on SMEs has also been growing. Thus, in developing the proposed IFRS for SMEs, it will be derived from full IFRSs with appropriate modification based on the needs of cost-benefit considerations and the users of financial statement of the SMEs which do not have public accountability or need to publish general purpose financial statement for external users.
The chart below are explained the timeline of the project.
Discussion of the proposals in the Exposure Draft that was issued in February 2007 and the steps taken to deliberate on the contents of the Exposure Draft.
IASB published the Exposure Draft (ED) of a proposed IFRS for SMEs in February 2007, with a comment deadline of 1 October 2007. The publication of ED is to meet the needs of the users of the smaller, non-listed companies. However, they were required to relate to the full IFRSs, it also means it would not be a stand-alone document. Therefor, the proposed standards of ED were aimed to provide a set of accounting principles which are simplified, workable and self-contained. For these targets, the ED proposed five types of simplification of full IFRSs. First, some topics which are not generally relevant to SMEs have been eliminated, and for some topics about SMEs encountered circumstances of a transaction which are not included in the full IFRSs, ED proposed to add these topics in the full IFRSs but not in the IFRS for SMEs, because IFRS for SMEs have to follow the relevant full IFRS. Secondly, some choices for accounting treatment have been removed, the exposure draft just keep only the simpler option and proposed that SMEs should be allowed to choose the more complex option by reverting to the relevant full IFRS. Otherwise, some methods for recognition and measurement have been simplified, for example the principles for recognising and measuring assets, liabilities, income, and expenses that are in full IFRSs. Also the ED proposed to simplify redrafting and substantially fewer disclosures. As a result, compare with the full IFRSs, over 85% of accounting guidance applicable to SMEs have been reduced in the ED.
With the publication of ED, IASB also published and invited comments on proposed implementation guidance and completed a field test programme. By the end of the deadline on 30 November 2007, The Board received 162 letters of comment on the exposure draft. For the main responses on the ED, in March 2008, the Board bagan its redeliberations on the proposals in the ED. During the redeliberate period, 13 public Board meeting had been held, at the fist meeting in March 2008, an overview of the main responses on the ED which they received from the comment letters had been presented, the main responses are relating to scope, recognition, measurement and presentation. Then at the second meeting which held in April 2008, an overview of the main issues which were collected from the programme for field testing the ED were also was presented. There were no any issues for decision were carried http://www.ukthesis.org/dissertation_writing/Accounting/#p#分页标题#e#out in these two meetings. To discuss the issues they present in the first two meeting, the staff of the Board met on 10 and 11 April 2008, and the staff's recommendations on each issue had been presented to the Board at the Board's meeting in May 2008. Then at the Board's meeting in July 2008, the working group member's recommendations which relating to disclosure were presented to the Board in an agenda paper and the Board had posted the reports about the recommendations on the IASB's website. The redeliberations on the ED was continued until February 2009, and the Board had presented a list of the main changes which were resulted by those redeliberations. Finally, in March 2009, the Board made a statement that the changes made did not warrant re-exposure after they considered the changes relating the guidelines for re-exposure in the Due Process Handbook for IASB.
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