EXPOSURE DRAFT OF A PROPOSED IFRS for Small and Medium-sized Entities
On 7 August 2007 the Accounting Practices Board (APB) approved the International Accounting Standards Board's (IASB's) exposure draft on IFRS for SMEs, without any change to the original text, as the South African Statement of Generally Accepted Accounting Practice for Small and Medium-sized Entities (Statement of GAAP for SMEs). All references to ‘IFRS for SMEs' in that document should therefore be read as the ‘Statement of GAAP for SMEs'.
This circular addresses the following areas:
- Current and future classifications of companies in the context of the corporate law reform process;
- The scope and effective date of the Statement of GAAP for SMEs;
- Financial reporting frameworks for ‘limited interest companies';
- Development of the Statement of GAAP for SMEs;
- Some areas to be aware of in applying the Statement of GAAP for SMEs; and
- Audit reporting considerations