On or about 28 January 2020, the International Accounting Standards Board (IASB) has requested views on its approach to update the IFRS for SMEs Standard, the simplified accounting standard for small and medium-sized entities. The consultation is the first step in the IASB’s second comprehensive review of the IFRS for SMEs Standard.
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 consultation asks for views on different approaches to update 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 without causing undue cost for entities applying the Standard.
The responses should reach IASB by 27 July 2020, which will then be subject to further consultation and discussion at public IASB meetings.
Source: IFRS website, 28 January 2020