9 September 2022To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON THE IASB EXPOSURE DRAFTThird edition of the IFRS for SMEs Accounting StandardComments to be received by 16 January 2023The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute ofCertified Public Accountants (Institute) is seeking comments on the IASB Exposure DraftThird edition of the IFRS for SMEs Accounting Standard (Exposure Draft). The ExposureDraft, together with a Snapshot providing a high-level summary of the requirements andQuestions and Answers, is available on the Institute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredThe IASB’s proposals include updating the principles of the Standard to align to thoseof The Conceptual Framework for Financial Reporting issued in 2018 and simplifiedrequirements based on IFRS 13 Fair Value Measurement and IFRS 15 Revenue fromContracts with Customers.The IASB is also proposing to update the Standard for new requirementsin IFRS 3 Business Combinations, IFRS 9 Financial Instruments, IFRS 10 ConsolidatedFinancial Statements and IFRS 11 Joint Arrangements. The proposed updates includeother improvements made to full IFRS Accounting Standards since the second editionof IFRS for SMEs Accounting Standard was published in 2015.The proposals reflect feedback on the Request for Information published in 2020 as part ofits Second Comprehensive Review of the Standard and the advice from the IASB’s SMEImplementation Group. Stakeholders provided input on the framework for updating theStandard together with their views on whether and how the IASB should proposeamendments to the Standard.The FRSC invites your comments on the proposals as set out in the Exposure Draft by16 January 2023 to allow your comments to be considered in developing its response tothe IASB. Comments should be supported by specific reasoning and should be submittedin written form.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 Exposure Draft Third edition of the IFRS for SMEs Accounting Standard
下载原件9 September 2022To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON THE IASB EXPOSURE DRAFTThird edition of the IFRS for SMEs Accounting StandardComments to be received by 16 January 2023The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute ofCertified Public Accountants (Institute) is seeking comments on the IASB Exposure DraftThird edition of the IFRS for SMEs Accounting Standard (Exposure Draft). The ExposureDraft, together with a Snapshot providing a high-level summary of the requirements andQuestions and Answers, is available on the Institute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredThe IASB’s proposals include updating the principles of the Standard to align to thoseof The Conceptual Framework for Financial Reporting issued in 2018 and simplifiedrequirements based on IFRS 13 Fair Value Measurement and IFRS 15 Revenue fromContracts with Customers.The IASB is also proposing to update the Standard for new requirementsin IFRS 3 Business Combinations, IFRS 9 Financial Instruments, IFRS 10 ConsolidatedFinancial Statements and IFRS 11 Joint Arrangements. The proposed updates includeother improvements made to full IFRS Accounting Standards since the second editionof IFRS for SMEs Accounting Standard was published in 2015.The proposals reflect feedback on the Request for Information published in 2020 as part ofits Second Comprehensive Review of the Standard and the advice from the IASB’s SMEImplementation Group. Stakeholders provided input on the framework for updating theStandard together with their views on whether and how the IASB should proposeamendments to the Standard.The FRSC invites your comments on the proposals as set out in the Exposure Draft by16 January 2023 to allow your comments to be considered in developing its response tothe IASB. Comments should be supported by specific reasoning and should be submittedin written form.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.