The International Accounting Standards Board (Board) is asking for views on its approach to updating the IFRS for SMEs® Standard—the simplified accounting standard for small and medium-sized entities.
The IFRS for SMEs Standard is required or permitted in more than 80 countries and is used by millions of companies.
The objective of the consultation is to seek views on whether and how to align the IFRS for SMEs Standard with full IFRS Standards, which are the Standards developed for publicly accountable entities and currently required in more than 140 jurisdictions.
The Request for Information asks for views on different approaches to updating the IFRS for SMEs Standard, as well as views on how the Standard could be aligned with newer IFRS Standards, such as IFRS 9 Financial Instruments, IFRS 15 Revenue from Contracts with Customers and IFRS 16 Leases.
Responses to this Request for Information will help the SMEIG develop recommendations for the Board on whether and how to amend the IFRS for SMEs Standard. Any proposed changes will be subject to further consultation.
Stakeholders can submit responses to the Request for Information in one of three ways (see links reproduced at the end of this page):
The following flow chart may assist stakeholders in deciding how to respond:
The Request for Information is open for comment until 27 October 2020. The deadline has changed because of the covid-19 pandemic; previously it was 27 July 2020.