March 7, 2023
Andreas Barckow
Chair, International Accounting Standards Board
Columbus Building
7 Westferry Circus
Canary Wharf
London, United Kingdom
E14 4HD
Sent via email to [email protected]
Exposure Draft — Third edition of the IFRS for SMEs Accounting Standard
Dear Mr. Barckow:
The Virginia Society of CPAs (VSCPA) Accounting & Auditing Advisory Committee (Committee) has reviewed the Exposure Draft (ED) — Third Edition of the IFRS for SMEs Accounting Standard, issued by the International Accounting Standards Board (IASB). The VSCPA is the leading professional association in Virginia dedicated to enhancing the success of all CPAs and their profession by communicating information and vision, promoting professionalism, and advocating members’ interests. The VSCPA membership consists of more than 13,000 individual members who actively work in public accounting, private industry, government, and education.
The Committee supports the proposed alignment of the IFRS for SMEs Accounting Standard with full IFRS Accounting Standards to enhance consistent application and consider improvements made to the full IFRS Accounting Standards. Our responses to the questions in the ED are in the attached response document template.
There are several instances where the existing IFRS has not yet been through a post implementation review (PIR). In each of these cases, we recommend completion of the PIR prior to adoption of the proposed amendments. The input from the results of the PIR would be useful to prevent any unnecessary inconsistencies and to provide additional insight on the questions posed in the ED.
The VSCPA appreciates the opportunity to respond to this ED. Please direct any questions or concerns to VSCPA Vice President, Advocacy Emily Walker, CAE, at [email protected] or (804) 612- 9428.
Sincerely,
George Crowell, CPA
2022–2023 Chair
VSCPA Accounting & Auditing Advisory Committee
2022–23 VSCPA Accounting & Auditing Advisory Committee
George Crowell, CPA — Chair
Zach Borgerding, CPA — Vice Chair
Scott Davis, CPA
Tamara Greear, CPA
Josh Keene, CPA
Nick Kinsler, CPA
Daniel Martin, CPA
Michael Phillips, CPA
Chris Smith-Christian, CPA
Charles Valadez, CPA
Natalya Yashina, CPA