The IFRS Foundation has published new guidance on International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs). The new guidance, IFRS for SMEs® Standard, Section 12, Issue 1, Accounting for Financial Guarantee Contracts in Individual or Separate Financial Statements of Issuer, was developed by the SME Implementation Group (SMEIG). This is the first IFRS for SMEs guidance published since completion of the revised IFRS for SMEs in May 2015.
The guidance uses a question-and-answer document (Q&A) to advise how issuers should account for financial guarantee contracts. It provides that the reporting entity should account for the financial guarantee contract by applying the requirements in IFRS for SMEs Section 12, Other Financial Instrument Issues, unless the reporting entity chooses to apply the recognition and measurement requirements of International Accounting Standards (IAS) 39, Financial Instruments: Recognition and Measurement.
The guidance notes that the Q&As provide non-mandatory guidance on specific accounting questions raised by entities implementing IFRS for SMEs and by other interested parties.
The SMEIG assists the International Accounting Standards Board (IASB) on matters related to the implementation of the IFRS for SMEs. The IASB will consider all Q&As issued by the SMEIG at its next review of IFRS for SMEs.
The guidance is available on this link. http://www.ifrs.org/-/media/feature/groups/smes/qas/final-q-and-a-2017-12.pdf?la=en&hash=797CDEAAC84496DE41BFE77682677BD11A345805
IFRS Foundation Publishes IFRS Taxonomy Guide
The IFRS Foundation has published the new guide, Using the IFRS Taxonomy—A Preparer’s Guide (Guide), for use by companies using the IFRS® Taxonomy.
The IFRS Taxonomy facilitates the digital creation and consumption of financial information for financial statements prepared in accordance with International Financial Reporting Standards (IFRS). The IFRS Taxonomy lists and defines specific codes, or elements, to tag items of data. Such tagging improves access to financial information and enables investors to find, process, and analyse data quickly and cost-effectively.
The Guide is designed to help companies to understand the IFRS Taxonomy content and therefore improve the quality and consistency of the tagging applied to financial statements. It uses examples and answers frequently asked questions on the use of the IFRS Taxonomy.
The Guide is part of a set of documents produced by the IFRS Foundation to support the use of the IFRS Taxonomy around the world by regulators, companies and other users of financial information.
The Guide is available on this link. http://www.ifrs.org/-/media/feature/resources-for/preparers/xbrl-using-the-ifrs-taxonomy-a-preparers-guide-december-2017.pdf?la=en&hash=7461998CAD6471029999E671B7B9E61958379753
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