On or about 5 November 2020, the Accounting Standards Council (ASC) Singapore responded to the RFI, “Request for Information on Comprehensive Review of the IFRS for SMEs Standard”.
The International Accounting Standards Board (IASB) in January 2020 commenced the second comprehensive review of the IFRS for SMEs Standard (the Standard) approximately two years after the effective date of 2015 Amendments to the IFRS for SMEs.
The ASC is supportive of the IASB continuing to follow the alignment approach and clarified the following questions raised by the IASB:
- Strategic and general questions — framework for the second comprehensive review
- Questions on aligning specific sections of the Standard
- Questions on new topics and other matters related to the Standard.
Source: ASC, 7 October 2020