The SME Implementation Group (SMEIG) has published two question and answer documents (Q&As) on the IFRS for SMEs:
•Q&A 2012/01 Application of ‘undue cost or effort’
•Q&A 2012/02 Jurisdiction requires fallback to full IFRSs
These two final Q&As reflect the input that the SMEIG received on the publication of five draft Q&As in September 2011 (comment period closed in November 2011). After considering the public comments the SMEIG has decided not to issue final Q&As on the following three draft Q&As:
•General Issue 1 – Application of the IFRS for SMEs for financial periods ending before the IFRS for SMEs was issued
•Section 3 Issue 2 – Departure from a principle in the IFRS for SMEs
•Section 3 Issue 3 – Prescription of the format of financial statements by local regulation
Q&As published by the SMEIG are non-mandatory guidance documents that will help those who use the IFRS for SMEs to think about specific accounting questions. They are not intended to modify in any way the application of full IFRSs