The Accounting Standards Council (ASC) has submitted comment letters to the SME Implementation Group on IFRS for SMEs Draft Q&A Accounting for financial guarantees in parent\u2019s separate financial statements.<\/p>\n
Draft Q&As which was developed in June 2017 provide non-mandatory and timely guidance on specific accounting questions raised by entities implementing the IFRS for SMEs Standard, as well as other interested parties.<\/p>\n
Subject to its comments, ASC is generally supportive of the proposed amendments to IAS 1 and IAS 8 on the basis of the IASB\u2019s rationale as described in the Basis for Conclusions on the ED and states that the proposed amendments, together with IFRS Practice Statement 2 Making Materiality Judgements, would potentially improve entities\u2019 understanding of the concept of materiality and confidence in making materiality judgements.<\/p>\n
In addition, ASC has also agreed that the proposed amendments are not substantive changes to the underlying concept of materiality in IFRS Standards.<\/p>\n
However, ASC suggest that where the IASB decides to proceed with the proposal, it should consider to include in the accompanying explanation, a description of the decisions made by primary users on the basis of financial statements.<\/p>\n
The comment letters submitted can be viewed from ASC website.<\/p>\n
Source: ASC, 31 August 2017<\/p>\n","protected":false},"excerpt":{"rendered":"
The Accounting Standards Council (ASC) has submitted comment letters to the SME Implementation Group on IFRS for SMEs Draft Q&A Accounting for financial guarantees in parent\u2019s separate financial statements. Draft Q&As which was developed in June 2017 provide non-mandatory and timely guidance on specific accounting questions raised by entities implementing the IFRS for SMEs Standard, […]<\/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":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7,6],"tags":[],"class_list":["post-447","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\/447","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=447"}],"version-history":[{"count":1,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/447\/revisions"}],"predecessor-version":[{"id":448,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/447\/revisions\/448"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=447"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=447"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=447"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}