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.