22 April 2020

Three ways to submit your comments on the review of the IFRS for SMEs Standard

You have an opportunity to help us make the IFRS for SMEs Standard more useful to companies and their investors by completing an online survey, uploading a comment letter or following our online template.

Public consultation is underway on the second comprehensive review of the IFRS for SMEs Standard following the International Accounting Standards Board’s (Board) publication of the Request for Information on 28 January 2020. The comment period for the Request for Information (RFI) runs until 27 October 2020. The RFI seeks stakeholder views on whether and how to align the IFRS for SMEs Standard with full IFRS Standards.

The Board’s objective in any outreach is to get a balanced view from a broad range of stakeholders. However, it recognises that stakeholders that apply or use the IFRS for SMEs Standard may have limited time and resources available to respond to the Board’s consultation. Consequently, it has made available three ways for stakeholders to provide feedback. To this end, the Board has today made available an online survey. Stakeholders are now able to submit responses to the RFI by:

  • If stakeholders have an existing process in place for submitting comment letters, they should use the Board’s usual comment letter process.
  • If stakeholders do not have a comment letter process in place, but have the time and resources available to provide a comment letter, they can use the Board’s optional response document.
  • If a stakeholder has limited time and resources available, they can complete the Board’s online survey.

The following flow chart may assist stakeholders in deciding how to provide feedback:

Comprehensive-Review-SME-graphic

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