In February 2007 the IASB published its Exposure Draft of an International Financial Reporting Standard for Small and Medium-sized Entities (ED-IFRS for SMEs). This proposal has been widely discussed and commented on across Europe. Apart from comment letters, academic research and other input from Europe new evidence has emerged from Field Tests in France, Germany and the UK of the ED-IFRS for SMEs which give interesting insights into the application of the proposed standard for SMEs.
A Roundtable on this subject was hosted by FEE on 7 July 2008 at FEE offices in Brussels. The Roundtable was opened and introduced by FEE President, Jacques Potdevin and presentations of the results of of these field tests were made by the French Standard Setter CNC, the German Standard Setter ASCG and ACCA, one of FEE’s UK Member Bodies. The presentations were chaired by Françoise Flores, Vice-Chair of EFRAG and Chair of the Joint EFRAG/FEE Working Group on IFRS for SMEs. They were followed by a Panel discussion between representatives of some of the European Standard Setters, Liesel Knorr, President of the GASB, Olivier Poupart-Lafarge, member of the CNC, Ian Mackintosh, Chairman of the IASB and Gilbert Gélard, Member of IASB. The Panel was chaired by Stig Enevoldsen, Chair of EFRAG TEG.
A – Agenda
B – Speakers CVs
C- Introduction by FEE President Jacques Potdevin
D – Field Tests in France – Presentation by Jérôme Chevy (CNC)
E – Field Tests in Germany – Presentation by Kati Beiersdorf and Thomas Budde (ASCG)
F – Field Tests in the UK – Presentation by Robin Jarvis and Richard Martin (ACCA)
G – ‘The proposed IFRS for Private Entities’ – Presentation by Gilbert Gélard, Member of IASB
H – ‘The IFRS for SMEs accounting standard perceptions and expectations across Europe’ – MAZARS
I – ‘IFRS for SMEs – Survey of the expectations and needs of SMEs including field tests’
J – ‘Project d’IFRS pour les PME de l’IASB Enquête sur les besoins et les attentes des PMS et synthèse des tests de terrain’
K – Press Release by the Accounting Standards Committee of Germany