Second Comprehensive Review of the IFRS for SMEs Standard

The Board met on 24 March 2021 to discuss the project plan for the second phase of the Second Comprehensive Review of the IFRS for SMEs Standard.

The Board tentatively decided to:

• move the project from its research programme to its standard-setting work plan.
• confirm that the scope of the review is as set out in the Request for Information Comprehensive Review of the IFRS for SMEs Standard.
• work towards publishing an exposure draft, proposing amendments to the IFRS for SMEs Standard for new requirements that are in the scope of the Review.
• develop proposed amendments to the IFRS for SMEs Standard using the approach on which the Board consulted in the Request for Information. This approach treats alignment with IFRS Standards as the starting point, and applies the principles of relevance to SMEs, simplicity and faithful representation, including the assessment of costs and benefits, in determining whether and how that alignment should take place.

Twelve of 13 Board members agreed with these decisions.