Return to: Home > News > Regulation > IASB to review IFRS for SMEs

IASB to review IFRS for SMEs

Author: TA editorial
Published: 27 Jun 2012
Email
Print

The International Accounting Standards Board (IASB) will undertake its first comprehensive review of the IFRS for SMEs.

IFRS for SMEs was first issued in July 2009 and the aim of this consultation process is to assess entities' experiences with implementing IFRS for SMEs since then. The IASB also said that, after the initial review, it expected to consider amendments to the the standard about once every three years.

The IASB’s SME Implementation Group (SMEIG) who are heading the consultation has issued a request for information asking specific questions on particular sections of the stabdard, as well as general questions about respondents’ experience with it.

“Millions of small companies in around 80 jurisdictions are already using the IFRS for SMEs. It is becoming a passport to raise capital on a local or cross-border basis. This comprehensive review will enable the board to fine-tune the standard,” SMEIG chairman Paul Pacter said.

The deadline for comment on the consultation is 30 November.

Other Latest News

Top Content

Choosing the right location can have cast-iron benefits

As Game of Thrones, one of the biggest television shows of all time, comes to an end, Joe Pickard looks at how tax incentives offered to television and film production companies help the wider economy.

Primary financial statements: a game changer in reporting?

International Accounting Standards Board chair Hans Hoogervorst delivered a speech at the Seminario International sobre NIIF y NIF, organised by the Consejo Mexicano de Normas de Información Financiera in Mexico. The Accountant presents the highlights.

FASB readies standards for the netflix generation

The US Financial Accounting Standards Board (FASB) has updated its accounting standard for entertainment, with a specific eye on keeping up to date with how episodic content, such as television programmes, is consumed in the modern world. Jonathan Minter reports.

Brexit: why it takes two to tango

Former TA editor Vincent Huck, now editor of Insurance Asset Risk, looks at why Brexit might unleash geopolitical intrigue in Europe’s accounting standard-setting scene – and why IFRS 17 will be an incredible source of opportunity for firms in the coming years.