3 April 2024To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON THE IASB EXPOSURE DRAFTAddendum to the Exposure Draft Third editionof the IFRS for SMEs Accounting StandardComments to be received by 25 June 2024The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute of CertifiedPublic Accountants (Institute) is seeking comments on the International Accounting StandardsBoard (IASB) Exposure Draft Addendum to the Exposure Draft Third edition of the IFRS forSMEs Accounting Standard. The Exposure Draft is available on the Institute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredThe IASB’s proposals respond to feedback from users of SMEs’ (Note 1) financial statementsand from the IASB’s SME Implementation Group. Both groups said the amendments made tofull IFRS Accounting Standards relating to lack of exchangeability between two currencies anddisclosure requirements for supplier finance arrangements are relevant to SMEs and should beincluded in the third edition of the IFRS for SMEs Accounting Standard.The proposals in the Exposure Draft would update the IFRS for SMEs Accounting Standardand reflect improvements made to the full IFRS Accounting Standards. The proposals balancethe needs of users of SMEs’ financial statements, while maintaining the IASB’s commitment toonly update the IFRS for SMEs Accounting Standard periodically.The FRSC invites your comments on the Exposure Draft by 25 June 2024 to allow yourcomments to be considered in developing its response to the IASB. Comments should besupported by specific reasoning and should be submitted in 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 6603E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and may be made available for public review unless otherwiserequested by the respondent.Note 1: SMEs are entities that are eligible to apply the IFRS for SMEs Accounting Standard -that is, entities that do not have public accountability and that publish general purpose financialstatements for external users.
Invitation to Comment on IASB Exposure Draft Addendum to the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard
下载原件3 April 2024To:
Members of the Hong Kong Institute of CPAsAll other interested partiesINVITATION TO COMMENT ON THE IASB EXPOSURE DRAFTAddendum to the Exposure Draft Third editionof the IFRS for SMEs Accounting StandardComments to be received by 25 June 2024The Financial Reporting Standards Committee (FRSC) of the Hong Kong Institute of CertifiedPublic Accountants (Institute) is seeking comments on the International Accounting StandardsBoard (IASB) Exposure Draft Addendum to the Exposure Draft Third edition of the IFRS forSMEs Accounting Standard. The Exposure Draft is available on the Institute's website:
https://www.hkicpa.org.hk/en/Standards-setting/Standards/Open-for-comment-documents/fredThe IASB’s proposals respond to feedback from users of SMEs’ (Note 1) financial statementsand from the IASB’s SME Implementation Group. Both groups said the amendments made tofull IFRS Accounting Standards relating to lack of exchangeability between two currencies anddisclosure requirements for supplier finance arrangements are relevant to SMEs and should beincluded in the third edition of the IFRS for SMEs Accounting Standard.The proposals in the Exposure Draft would update the IFRS for SMEs Accounting Standardand reflect improvements made to the full IFRS Accounting Standards. The proposals balancethe needs of users of SMEs’ financial statements, while maintaining the IASB’s commitment toonly update the IFRS for SMEs Accounting Standard periodically.The FRSC invites your comments on the Exposure Draft by 25 June 2024 to allow yourcomments to be considered in developing its response to the IASB. Comments should besupported by specific reasoning and should be submitted in 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 6603E-mail: commentletters@hkicpa.org.hkComments will be acknowledged and may be made available for public review unless otherwiserequested by the respondent.Note 1: SMEs are entities that are eligible to apply the IFRS for SMEs Accounting Standard -that is, entities that do not have public accountability and that publish general purpose financialstatements for external users.