{"id":1110,"date":"2019-10-14T16:17:23","date_gmt":"2019-10-14T08:17:23","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=1110"},"modified":"2020-01-13T17:26:17","modified_gmt":"2020-01-13T09:26:17","slug":"2019-sme-implementation-group-draft-qa-section-35-issue-1","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2019\/10\/14\/2019-sme-implementation-group-draft-qa-section-35-issue-1\/","title":{"rendered":"ASC submits comments to IASB on 2019 SME Implementation Group Draft Q&#038;A Section 35 Transition to the IFRS for SMEs Standard, Issue 1"},"content":{"rendered":"\n<p>On or about 14 October 2019, the Accounting Standards Council (ASC) has submitted its comment to the SME  Implementation  Group (SMEIG) on Draft Q&amp;A Section 35, Issue 1 on <em>Application of the undue cost or effort exemption for investment property on transition to the IFRS for SMEs Standard <\/em>(Section 35 Transition to the IFRS for SMEs Standard,  Issue  1).<\/p>\n\n\n\n<p>The ASC agree with the SMEIG\u2019s conclusion in its response as set out in the draft Q&amp;A. <\/p>\n\n\n\n<p>The ASC view that there is much merit in not restricting the SMEIG\u2019s response to one particular type of\u2018undue cost or effort\u2019 assessment in relation to reliable measurement of fair  value  for  investment  property  at the  date  of  transition.<\/p>\n\n\n\n<p>The same  principle  in  paragraph 2.14Cof the IFRS for SMEs Standard that underlies the SMEIG\u2019s response would  apply  to other types of \u2018undue cost or effort\u2019 assessment at the date of transition. <\/p>\n\n\n\n<p>The ASC therefore   recommend  that the  SMEIG should consider broadening the scope  of the Q&amp;A by:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>extending  the  conclusion  in the  guidance  to different types of \u2018undue cost or effort\u2019 assessment at  the  date  of  transition,  or  at  a  minimum to those in  relation  to reliable measurement of fair value for the various items specified bythe Standard; and<\/li><li>including the specific issue in question as an example of the guidance. <\/li><\/ul>\n\n\n\n<p>Source: ASC website, 14 October 2019<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On or about 14 October 2019, the Accounting Standards Council (ASC) has submitted its comment to the SME Implementation Group (SMEIG) on Draft Q&amp;A Section 35, Issue 1 on Application of the undue cost or effort exemption for investment property on transition to the IFRS for SMEs Standard (Section 35 Transition to the IFRS for [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-1110","post","type-post","status-publish","format-standard","hentry","category-accounting","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=1110"}],"version-history":[{"count":3,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1110\/revisions"}],"predecessor-version":[{"id":1113,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/1110\/revisions\/1113"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=1110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=1110"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=1110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}