IASB has just published on iasb.org website january’s newsoletter containing useful updates about IFRS Light (SMEs).

The main items contained in this newsletter are the following:

  • Title of standard| From “IFRS for SMEs” to “IFRS for private entities”, but IASB announced that the final definition of this standard is “IFRS for non-publicly accountable entities” or IFRS for NPAEs 
  • Complex accounting policy option 
  • Consolidation
  • Goodwill and other indefinitive-life intangible assets
  • Financial Instruments
  • Special Purpose Entities (SPE) 
  • Measurement of post-acquisition income

I suggest you to visit the below mentioned link to find useful updates about IFRS for Small and Medium Sized Entities. In detail I suggest you to pay attention on Goodwill item, considering IASB informed us that:”For cost-benefit reasons, rather than conceptual reasons, goodwill and other indefinite-life intangible assets should be considered to have finite lives. Therefore, such assets should be amortised over their estimated useful lives, with a maximum amortisation period of 10 years. The assets must also be assessed for impairment using the ‘indicator approach’ proposed in the ED“.

I remind you that IASB will approve final and ufficial version of this standard within 2nd quarter 2009.

Regards

Simone Salvi