Reasons of IASB undertake this project and the timeline of the project.
July 2003
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The former IASC agenda carried forward the project, IASB began to deliberate.
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June 2004
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The discussion paper (DP) about Preliminary Views on Accounting Standards for Small and Medium-sized Entities(SMEs)had been published; comment deadline 24 September 2004.
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April 2005
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Did Staff Questionnaire research on Possible Recognition and Measurement Modifications for SMEs.
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October 2005
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Public round-table discussions with the Board on recognition and measurement simplifications.
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July 2003 — February 2007:
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31 public Board meetings had been held to deliberate the issues by the Board.
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August 2006:
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A complete staff draft of the exposure draft (ED) is posted on the IASB website.
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November 2006
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A revised staff draft is posted on the IASB website.
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February 2007:
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The ED(English language) of IFRS for SMEs that was issued;
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April 2007:
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Publication of a staff overview of the ED on the IASB’s website.
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June 2007:
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116 small companies in 20 countries paticipated in 'field testing' of the ED.
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November 2007
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The project had been Translated into four languages and posted subsequently.
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30 November 2007:
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comment period for the ED ended; The Board received162 letters of comment on ED
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March – April 2008:
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Staff has completed an analysis of the field test results and present an overview of the main issues raised in the comment letters and field tests to the Board in April 2008.
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April 2008:
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The Working Group (WG) met on 10-11 April 2008 to review the comments on the ED, the field test results and staff recommendations
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May and July 2008
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The WG recommendations for changes to the proposals in the ED were submitted to the Board in May 2008 (all recommendations other than disclosures) and in July 2008 (recommendation relating to disclosures)
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May 2008 ─ April 2009:
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Board redeliberations of the proposals in the ED at 13 public Board meetings. At the meeting, the Board re-deliberated the proposals in the ED.
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April 2009
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Board decides that the name of the final standard will be International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), as proposed in the ED.
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June 2009:
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Staff submitted a ballot draft of a final IFRS for SMEs to the Board on 1st June 2009; 13 Board members vote in favour, 1 dissenting opinion.
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July 2009
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Publication of the IFRS for SMEs
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