Skip to content (Press enter)

The IFRS for SMEs Accounting Standard Update is a staff summary of news, events and other information about the IFRS for SMEs® Accounting Standard and related SME activities. The staff summary has not been reviewed by the International Accounting Standards Board (IASB).

This edition of the IFRS for SMEs Accounting Standard Update includes:

Consultation on updating the IFRS for SMEs Accounting Standard

The IASB is carrying out a second comprehensive review of the IFRS for SMEs Accounting Standard, which the IASB issued in 2009 and amended in 2015.

Publication of the Exposure Draft

In September 2022, the IASB published an Exposure Draft—achieving an important milestone of the second comprehensive review of the IFRS for SMEs Accounting Standard.

The Exposure Draft Third edition of the IFRS for SMEs Accounting Standard proposes amendments to the IFRS for SMEs Accounting Standard:

  • to reflect improvements that have been made in full IFRS Accounting Standards in the scope of the second comprehensive review; and
  • to keep the Standard simple—in response to feedback on the Request for Information and the advice of the SMEIG.

In the Exposure Draft, the IASB invites comments on the proposed amendments to the IFRS for SMEs Accounting Standard. Respondents can share their comments with the IASB electronically:

The Exposure Draft is open for comment until 7 March 2023.

Supporting materials

To support the publication of the Exposure Draft, the IASB has released supporting materials to help stakeholders understand the proposals, including:

  • Snapshot—provides an overview of the IASB’s proposals in the Exposure Draft;
  • Short video—IASB Member Bruce Mackenzie introduces the proposals in the Exposure Draft; and
  • Questions and Answers—sets out our frequently asked questions about the Exposure Draft.

Next steps

During this phase of the review, the IASB is seeking feedback on the proposed amendments to the IFRS for SMEs Accounting Standard. The IASB will consider feedback on the Exposure Draft when finalising the third edition of the IFRS for SMEs Accounting Standard.

Please visit the project page for other updates and more information about the project.

Forthcoming events

The World Standard-setters Conference 2022 will take place in London on 26–27 September 2022 and will include a session on the proposals to update the IFRS for SMEs Accounting Standard. It will be possible to watch the session via the Conference page.

The Pan African Federation of Accountants (PAFA) and the IASB have organised two virtual education sessions on the Exposure Draft that will take place on 10 October 2022. Each session is structured as a roundtable discussion. Please visit PAFA’s website to register. One session will be conducted in English and the other session will be conducted in French.

The next SMEIG meeting will take place on 13 October 2022. SMEIG members will:

  • receive an overview of the proposals in the Exposure Draft; and
  • discuss with IASB members and staff some of the feedback the IASB is seeking on the Exposure Draft.

More information about the meeting can be found on the SMEIG meeting page.

Update on the SME Implementation Group

The SMEIG currently has 24 members and three observers. Nine SMEIG members ended their second three-year term on 30 June 2022 and were not eligible for reappointment. The Trustees of the IFRS Foundation have appointed four new members, from Africa and Asia, for a three-year term that started on 1 July 2022.

The appointment of new members to the SMEIG from the Americas is still in progress and will be announced in the coming months.