IASB Updates: IFRS for SMEs

This IASB Update highlights preliminary decisions of the International Accounting Standards Board (Board). The Board’s final decisions on IFRS® Standards, Amendments and IFRIC® Interpretations are formally balloted as set out in the Due Process Handbook of the IFRS Foundation and the IFRS Interpretation Committee.  

The Board met remotely on 14–16 December 2020

The topics, in order of discussion, were as follows: 

Research and standard-setting 

Second Comprehensive Review of the IFRS for SMEs Standard (Agenda Paper 30) 

The Board met on 14 December 2020 to discuss key messages from its outreach events, online surveys and a preliminary analysis of the comment letters on its Request for Information Comprehensive Review of the IFRS for SMEs Standard

The Board tentatively decided to ask the SME Implementation Group (SMEIG) to: 

  • discuss a comprehensive summary of feedback on the Request for Information; and 
  • recommend what the Board should do next in its second comprehensive review of the IFRS for SMEs Standard. 

All 13 Board members agreed with this decision. 

Next step 

At a future meeting the Board will consider any recommendations developed by the SMEIG on what the Board should do next in its second comprehensive review of the IFRS for SMEs Standard. 

Source: ifrs.org

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