31 January 2020To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON IASB REQUEST FOR INFORMATION:
COMPREHENSIVE REVIEW OF THE IFRS FOR SMEs STANDARDComments to be received by 12 June 2020The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute ofCertified Public Accountants (Institute) is seeking comments on the IASB Request forInformation (RFI). The RFI and supporting documents are available on the Institute'swebsite:http://www.hkicpa.org.hk/en/standards-and-regulations/standards/financial-reporting/exposure-drafts/The International Accounting Standards Board (IASB) is asking for views on its approachto updating the IFRS for SMEs Standard, its simplified accounting standard for small andmedium-sized entities. The RFI is the first step in the IASB’s second comprehensivereview of the IFRS for SMEs Standard.The objective of the RFI is to seek views on whether and how aligning the IFRS for SMEsStandard with full IFRS Standards would benefit users of financial statements preparedapplying the IFRS for SMEs Standard without causing undue cost and effort for SMEs.The RFI asks for views on different approaches to updating the IFRS for SMEs Standard,as well as views on how the Standard could be aligned with newer IFRS Standards, suchas IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers andIFRS 16 Leases.The Institute developed the HKFRS for Private Entities based on the IFRS for SMEsStandard. Any revisions to the IFRS for SMEs Standard, upon finalisation by the IASB,will be incorporated in the HKFRS for Private Entities in accordance with the Institute'sconvergence policy.The FRSC invites your comments on the questions in the RFI by 12 June 2020 to allowyour comments to be considered in developing its response to the IASB. Commentsshould be supported by specific reasoning and should be submitted in written form. TheIASB has produced an Optional Response Document accompanying the RFI, which youmay find helpful when submitting comments to the FRSC. Comments may be sent by mail,fax or e-mail to:
Standard Setting DepartmentHong Kong Institute of Certified Public Accountants37th Floor, Wu Chung House213 Queen’s Road EastWanchai, Hong KongFax number (+852) 2865 6776E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and may be made available for public review unlessotherwise requested by the respondent.
Invitation to Comment on IASB Request for Information: Comprehensive Review of the IFRS for SMEs Standard
下载原件31 January 2020To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON IASB REQUEST FOR INFORMATION:
COMPREHENSIVE REVIEW OF THE IFRS FOR SMEs STANDARDComments to be received by 12 June 2020The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute ofCertified Public Accountants (Institute) is seeking comments on the IASB Request forInformation (RFI). The RFI and supporting documents are available on the Institute'swebsite:http://www.hkicpa.org.hk/en/standards-and-regulations/standards/financial-reporting/exposure-drafts/The International Accounting Standards Board (IASB) is asking for views on its approachto updating the IFRS for SMEs Standard, its simplified accounting standard for small andmedium-sized entities. The RFI is the first step in the IASB’s second comprehensivereview of the IFRS for SMEs Standard.The objective of the RFI is to seek views on whether and how aligning the IFRS for SMEsStandard with full IFRS Standards would benefit users of financial statements preparedapplying the IFRS for SMEs Standard without causing undue cost and effort for SMEs.The RFI asks for views on different approaches to updating the IFRS for SMEs Standard,as well as views on how the Standard could be aligned with newer IFRS Standards, suchas IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers andIFRS 16 Leases.The Institute developed the HKFRS for Private Entities based on the IFRS for SMEsStandard. Any revisions to the IFRS for SMEs Standard, upon finalisation by the IASB,will be incorporated in the HKFRS for Private Entities in accordance with the Institute'sconvergence policy.The FRSC invites your comments on the questions in the RFI by 12 June 2020 to allowyour comments to be considered in developing its response to the IASB. Commentsshould be supported by specific reasoning and should be submitted in written form. TheIASB has produced an Optional Response Document accompanying the RFI, which youmay find helpful when submitting comments to the FRSC. Comments may be sent by mail,fax or e-mail to:
Standard Setting DepartmentHong Kong Institute of Certified Public Accountants37th Floor, Wu Chung House213 Queen’s Road EastWanchai, Hong KongFax number (+852) 2865 6776E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and may be made available for public review unlessotherwise requested by the respondent.