IFRS for SMEs - Australian field testing of the proposed standard 
The Institute and other professional bodies contracted a mid-tier accounting form to conduct field testing with three Australian entities to determine the impact of the proposed IFRS for SME standard.  
 
Read the professional bodies' joint report to the IASB: IFRS for SMEs - an Australian Perspective. 
 
Submission to the IASB - Proposed IFRS for SMEs 
The Institute supports the overall objective of the draft IFRS for SME proposals. We support a more simplified recognition and measurement standard in addition to reduced disclosure for entities that are not publicly accountable. We do not believe that sufficient onsideration has been given in the proposal to the needs or wants of the key stakeholders of SMEs.  
 
Read further our submission to the IASB. 
 
Submission to the AASB - ITC 12 
The Institute has significant reservations about the AASB's proposals for differential reporting in Australia and consequently how the IFRS for SMEs might be used here.  
 
In particular the Institute does not support the AASB's proposals in ITC 12 to do away with the reporting entity concept altogether as it considers that this would remove the flexibility entities currently have to prepare financial reports that suit the needs of users. The AASB proposals would have the effect of imposing a much more rigid financial reporting framework on Australian entities which will be expensive for the community to implement and which will require the production of financial information for which there are no identified users. 
 
Read the Institute's submission to the AASB. 
 
Institute White Paper "Financial Reporting Standards for small and medium entities: Stakeholder insights" 
The Institute has now published the white paper "Financial Reporting Standards for Small and Medium Entities: Stakeholder insights", which summarises the key issues relating to the International Accounting Standards Board’s (IASB) International Financial Reporting Standards (IFRS) for SMEs, discussed at a forum hosted by the Institute in June this year.  
 
Read the Institute's white paper. 
 
Financial Reporting by Unlisted Public Companies 
Read the Institute and joint submissions here.