Thursday 28 August 2014
The IASB is conducting an initial comprehensive review of the IFRS for SMEs to consider whether there is a need for any amendments to the Standard.
When the IASB issued the IFRS for SMEs in July 2009, it said that it would undertake an initial comprehensive review of the Standard to enable the IASB to assess the first two yearsï¿½ experience in implementing the Standard and consider whether there is a need for any amendments. Companies were using the IFRS for SMEs during 2010 and 2011. Consequently, the initial comprehensive review began in 2012. The IASB also said that, after the initial review, it expected to consider amendments to the IFRS for SMEs approximately once every three years.
The SME Implementation Group (SMEIG), an advisory body to the IASB, is providing recommendations to the IASB throughout the comprehensive review of the IFRS for SMEs.
The IASB will consider whether to amend the IFRS for SMEs:
SME Implementation Group papers available online
IASB proposes limited amendments to the IFRS for SMEs
IASB invites comments on review of the IFRS for SMEs
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