Norway postpones implementation of IFRS for SMEs

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Norway has announced plans to postpone the introduction of IFRS for Norwegian SMEs that was supposed to be implemented the same week that the IFRS Foundation will publish draft guidance on the required standards. The guidance addresses the prerequisite accounting management for a financial guarantee issued by a parent company in its financial statements. It is the first to be published since the opening comprehensive evaluation of IFRS for SMEs was completed in May 2015.The draft guidance is open for reviews and discussion until September 1st 2017.