What happened to IFRS for SMEs?

What happened to IFRS for SMEs?

FRS 102 was developed using “IFRS for SMEs” as issued by the IASB at its core.

FRS 102 was developed using “IFRS for SMEs” as issued by the IASB at its core.

FRS 102 was developed using “IFRS for SMEs” as issued by the IASB at its core. However, the FRC amended it in many respects to align the requirements of FRS 102 with many existing treatments allowed by existing FRSs or EU-adopted IFRS.

Key amendments made to “IFRS for SMEs” include:

  • retaining the provisions to electively capitalise development costs and borrowing costs in certain circumstances
  • retaining the revaluation model for property, plant and equipment
  • permitting merger accounting for group reconstruction transactions; and
  • permitting hedge accounting in respect of net investments in foreign operations

In addition, Government grant accounting has been realigned with Existing GAAP and EU-adopted IFRS, while the model applied to deferred tax has been replaced with something closer to FRSs.

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