Business Day - Business Law and Tax Review - - BUSINESS LAW & TAX REVIEW -

Some of the other changes in­clude un­due cost or ef­fort re­lief when separately recog­nis­ing in­tan­gi­ble as­sets in busi­ness com­bi­na­tions; al­low­ing use of the eq­uity method in the en­tity’s sep­a­rate fi­nan­cial state­ments for in­vest­ments in sub­sidiaries, joint ven­tures and as­so­ciates; and align­ment of cer­tain tax and de­ferred tax prin­ci­ples with full IFRS.

It re­mains to be seen whether the first facelift to IFRS for SMEs has struck the right bal­ance be­tween the need to keep the stan­dard sim­ple and to pro­vide rel­e­vant in­for­ma­tion to users of SME fi­nan­cial state­ments.

The amend­ments to IFRS for SMEs are cur­rently at the bal­lot­ing stage and are ex­pected to be re­leased in the first half of this year.


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