Comprehensive Review 2012-14
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 years’ experience in implementing the Standard and consider whether there is a need for any amendments. Companies have been 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.
Specifically, the SMEIG and the IASB will consider whether to amend the IFRS for SMEs:
- to incorporate issues that were addressed in the Q&As;
- for new and amended IFRSs issued since the IFRS for SMEs was published; and
- to reflect any other issues, eg implementation issues identified by constituents that may necessitate a change in the standard.
Request for Information (2012)
On 26 June 2012 the IASB issued a Request for Information as the first step in that initial comprehensive review. The deadline for comments was 30 November 2012. View the Request for Information and comment letters.
Exposure Draft (2013)
On 3 October 2013 the IASB issued an Exposure Draft (ED) of proposed amendments to the IFRS for SMEs based on its initial comprehensive review of the IFRS for SMEs. The deadline for comments was 3 March 2014. Access the ED and comment letters.
Full marked-up draft of the IFRS for SMEs (2013)
In the ED, the IASB has only included the paragraphs/subparagraphs of the IFRS for SMEs that would be affected by the IASB’s proposed amendments. To further assist respondents with their review of the proposed amendments in the ED, the IASB staff provided a full marked-up draft of the IFRS for SMEs (which includes all paragraphs of the IFRS for SMEs) and also a list that sets out all of the proposed editorial amendments not included in the ED.
An estimate of the timetable for the comprehensive review is as follows:
26 June 2012—the Request for Information was issued. The public were invited to make recommendations on possible amendments to the IFRS for SMEs.
30 November 2012—the deadline for comments on the Request for Information.
First quarter of 2013—the SMEIG reviewed responses to the Request for Information and made recommendations to the IASB on possible amendments.
First half of 2013—the IASB discussed the issues identified during the Request for Information process during its March-June 2013 meetings. The decisions made during these meetings were included in IASB Updates for those meetings.
Third quarter of 2013—the IASB developed and approved an ED of proposed amendments to the IFRS for SMEs.
3 October 2013—the ED was issued.
3 March 2014—the deadline for comments on the ED.
Third quarter of 2014—the SMEIG reviews responses to the ED and makes recommendations to the IASB.
Second half of 2014—the IASB deliberates amendments to the proposals in the ED and agrees final revisions to the IFRS for SMEs.
First half of 2014 or first half of 2015—the IASB issues final revisions to the IFRS for SMEs.