ICAI's Technical Enquiry Service has received a number of queries recently in relation to the issuance by the International Accounting Standards Board (IASB) of the IFRS for SMEs (published in eNews of July 10th) and whether it applies in Ireland.
IFRS for SMEs is effective immediately only in countries where it has been adopted such as for example South Africa.
The IFRS for SMEs has not been adopted for use in Ireland. For the standard to apply to Irish companies it would have to be either (or both) adopted by the EU and rolled out across member states or adopted into UK and Irish GAAP by the Accounting Standards Board ('ASB'). Both ASB and EU will consider what to do in relation to the IFRS for SMEs but decisions have not yet been taken and there is likely to be considerable consultation in this regard.
ICAI's Representation and Technical Policy Department will be responding to any formal consultations in relation to the adoption of IFRS for SMEs in Ireland and will keep members informed of developments through eNews.