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The International Accounting Standards Board (IASB) has published proposals to update the IFRS for SMEs Accounting Standard—to reflect improvements that have been made in full IFRS Accounting Standards, while keeping the Standard simple for small and medium-sized entities.

Proposed amendments include updating the Standard to:

  • reflect improvements from the Conceptual Framework for Financial Reporting issued in 2018;
  • include simplified requirements based on IFRS 13 Fair Value Measurement; and
  • include simplified requirements based on IFRS 15 Revenue from Contracts with Customers.

The proposed updates also include new requirements in IFRS Accounting Standards and other improvements that have been made to full IFRS Accounting Standards since the second edition of IFRS for SMEs Accounting Standard was published in 2015. The proposals respond to feedback from stakeholders on the Request for Information that was published in 2020 and advice of the SME Implementation Group.

Access the snapshot here.

The comment letter period is open until 7 March 2023.

You can submit a response to the Exposure Draft via:

  • a comment letter; or
  • a comment letter using the optional response document (if you choose to use this document as an alternative to a comment letter, please convert it to PDF before submitting via the link below).

Access the Exposure Draft and optional response document below.