In September 2022, the International Accounting Standards Board (IASB) published the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard as part of its second comprehensive review of the Standard.
The Exposure Draft 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) while keeping the Standard simple.
The IASB met on 22 April 2024 to redeliberate the proposals in the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard.
The IASB tentatively decided to withdraw its proposal to require an SME to disclose revenue disaggregated into categories, showing separately, as a minimum, revenue arising from:
Instead, the IASB tentatively decided to include in the proposed revised Section 23 of the IFRS for SMEs Accounting Standard:
All 14 IASB members agreed with these decisions.
The IASB tentatively decided to confirm its proposals to require an SME to disclose:
All 14 IASB members agreed with these decisions.
The IASB tentatively decided to withdraw its proposals to require an SME:
Eleven of 14 IASB members agreed with decision (a) and all 14 IASB members agreed with decisions (b)–(c).
The IASB tentatively decided to require an SME:
All 14 IASB members agreed with these decisions.
The IASB tentatively decided to amend paragraph 4.11(b) of the Standard to remove the requirement for an SME to subclassify trade and other receivables to show separately receivables arising from accrued income not yet billed.
All 14 IASB members agreed with this decision.
The IASB tentatively decided:
All 14 IASB members agreed with these decisions.
The IASB tentatively decided it would explore measuring intragroup financial guarantee contracts issued for nil consideration by applying Section 21 Provisions and Contingencies.
All 14 IASB members agreed with this decision.
IFRS for SMEs Accounting Standard
International Accounting Standards Board April 2024