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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
On 26 June 2023 the ISSB issued its inaugural standards—IFRS S1 and IFRS S2—ushering in a new era of sustainability-related disclosures in capital markets worldwide.
The IFRS Foundation is calling on stakeholders to comment on its draft Q&A on the application of the IFRS for SMEs® Standard.
The draft Q&A responds to a question from stakeholders about the application of the undue cost or effort exemption for investment property on the date of transition to the IFRS for SMEs Standard. The draft Q&A concludes that additional cost or effort due to the elapse of time between the date of transition and the date of preparing the first IFRS for SMEs financial statements is not considered.
The draft Q&A has been developed by the SME Implementation Group (SMEIG), which assists the International Accounting Standards Board (Board) in supporting the application of the IFRS for SMEs Standard. Developing non-mandatory and timely guidance on applying the IFRS for SMEs Standard is one of the two main responsibilities of the SMEIG. The group also advises the Board on amendments to the IFRS for SMEs Standard.
During the 2019 Comprehensive Review of the IFRS for SMEs Standard, the Board will consider the guidance developed by the SMEIG since the issue of the 2015 amendments to the IFRS for SMEs Standard and decide whether to incorporate the responses in the IFRS for SMEs Standard.
The draft Q&A is the second to be published since the initial comprehensive review of the IFRS for SMEs Standard, completed in May 2015.
The consultation is open for comment until 7 October 2019 and the draft Q&A can be accessed here.
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