IASB consults on updating IFRS for SMEs Standard

Released 28 January 2020

The International Accounting Standards Board is seeking views on its approach to updating the IFRS for SMEs Standard, the simplified accounting standard for small and medium-sized entities.

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.

The consultation will run until 27 July 2020.

Further information can be found here.

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