IASB publishes draft Q&A on IFRS for SMEs standard

Released 07 August 2019

The draft changes focus on the application of the undue cost or effort exemptions for investment property on the date of transition to IFRS for SMEs Standard.

The comment period is open until 7 October, and is available here.

Whilst the UK hasn’t followed the implementation of the standards, FRS 102 is based on the principles of the standard. FRS 102 (2018) which applies for periods ended 1 January 2019, also removes the cost and undue effort exemption from investment properties, as the Financial Reporting Council felt that this was being used as an accounting policy choice by preparers.

Further information on the treatment of investment property can be found in the March 2019 module written by Steve Collings on the Croner-i eCPD® platform.

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