My short answer was that  Para 139 states: An entity shall apply this Standard for annual periods beginning on or after 1 January 2009. Earlier application is permitted.

This morning I was looking at a list of standards/interpretations which are issued but not yet effective. IAS 8 requires quite onerous disclosures in these circumstances and the 4 page list makes intimidating reading….

.. but then the obvious dawned on me… our financial statements are based on the GAAP for SME’s standard so all these other standards don’t apply. Similarly the changes to the presentation of the Balance sheet etc. proposed by IAS 1 are of no consequence, unless the GAAP for SME’s standard is changed.

We can avoid huge disclosure burdens by adopting the GAAP for SME's standard.

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