IASB completes comprehensive review of the IFRS for SMEs

Tags: IFRS

IASB has published limited amendments to IFRS for SMEs following a comprehensive review. The Standard, which was specifically developed for small and medium-sized entities, has seen remarkable uptake, with millions of companies using it worldwide.

IFRS for SMEs was developed in response to international demand for the IASB to develop global standards for small and medium-sized entities (SMEs). The simplified, self-contained Standard was issued in 2009, and has since been widely adopted.

IASB started the initial comprehensive review of IFRS for SMEs in 2012, with the aim of considering implementation experience and assessing whether there was a need to make any amendments to the Standard. IASB concluded that IFRS for SMEs required little change. However, some areas were identified where targeted improvements could be made. The majority of the amendments clarify existing requirements or add supporting guidance, rather than change the underlying requirements. Consequently, for most SMEs and users of their financial statements, the amendments are expected to improve understanding of the existing requirements, without having a significant effect on an SMEs’ financial reporting practices and financial statements.

See more information on the adoption and the comprehensive review here.

Entities reporting using IFRS for SMEs are required to apply the amendments for annual periods beginning on or after 1 January 2017. Earlier application is permitted provided all amendments are applied at the same time.

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