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IFRS for SMEs Q&A 3-1 Jurisdiction requires fallback to full IFRSs


The IFRS Foundation's SME Implementation Group, which assists the IASB in supporting the implementation of the IFRS for SMEs, published on 28 September 2011 the draft Q&A Jurisdiction requires fallback to full IFRSs.

The draft Q&A considers whether an entity that is required to apply (full) IFRSs as a fallback every time a particular transaction, other event or condition are not specifically covered by the IFRS for SMEs, complies with the IFRS for SMEs. The Q&A states that the entity would comply with the IFRS for SMEs when the IFRS for SMEs does not contain specific guidance.

On 4 October 2011 EFRAG issued its draft comment letter in response to the draft Q&A. On 30 November 2012 EFRAG issued its final comment letter in reponse to the draft Q&A. In its comment letter EFRAG recommnended not issuing the Q&A.
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