IFAC4

IFRS for SMEs New Exposure Draft was issued today

8 September 2022

All comments due by 7 March 2023

The International Accounting Standards Board has today published proposals to update the IFRS for SMEs Accounting Standard to reflect improvements made to full IFRS Accounting Standards, while keeping the Standard suitable for small and medium-sized entities.

Main areas of updates included to align to The Conceptual Framework for Financial Reporting issued in 2018 and simplified requirements based on IFRS 13 Fair Value Measurement and IFRS 15 Revenue from Contracts with Customers.

The IASB is also proposing to update the Standard for new requirements in IFRS 3 Business Combinations, IFRS 9 Financial Instruments, IFTS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements. The proposed updates include other improvements made to full IFRS Accounting Standards since the second edition of IFRS for SMEs Accounting Standard was published in 2015.  

You can find the Exposure draft and other documents here.

How to Comment

As part of this public consultation the IAASB invites all stakeholders to comment on the Exposure Draft. Submit your comments as soon as possible – but latest by 28 February 2023 to Saiba@Saiba.Org.Za. SAIBA will leverage the benefit of the pooling of our members’ resources to submit comments on your behalf to the IESBA.

E-mail enquiries and questions to Technical@Saiba.Org.Za for further assistance.

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