The Philippine Financial Reporting Standards Council (FRSC) adopted the following Q&As issued by the IASB:
Click each link below to download:
- Q&A 2011/01: Use of the IFRS for SMEs in parent’s separate financial statements
- Q&A 2011/02: Entities that typically have public accountability
- Q&A 2011/03: Interpretation of ‘traded in a public market’ in applying the IFRS for SMEs
- Q&A 2012/01: Application of ‘undue cost or effort’
- Q&A 2012/02: Jurisdiction requires fallback to full IFRSs
Q&As are published by the SME Implementation Group (SMEIG), which assists the IASB in supporting the implementation of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs).
The Q&As are intended to provide non-mandatory and timely guidance on specifi c accounting questions that are being raised with the SME Implementation Group by users implementing the IFRS for SMEs.
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