This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice for more information on the cookies we use and how to delete or block them.

IFRS for SMEs — Comprehensive review 2012-2014

Background

Previously, the IASB had stated that it planned to undertake an initial comprehensive review of the IFRS for SMEs (International Financial Reporting Standard for Small and Medium-sized Entities) to assess the first two years’ of experience that entities have had in applying the IFRS for SMEs. During this review process, the IASB intends to consider new and amended IFRSs that have been adopted since the IFRS for SMEs was issued and whether any amendments should be proposed to address any implementation issues identified in the comprehensive review.

 

Current status of the project

The comprehensive review was formally launched at the June 2012 IASB meeting. A Request for Information was issued on 26 June 2012 (comment deadline 30 November 2012). The SME Implementation Group (SMEIG) will begin discussing responses to the Request for Information in February 2013. The indicative timetable sets 2015 as the target effective date for any amendments resulting from the review.

 

Project milestones

DateDevelopmentComments
June 2012 Project formally added to IASB's agenda
26 June 2012 Request for Information Comprehensive Review of the IFRS for SMEs issued Comment deadline 30 November 2012

Related Discussions

  • IFRS for SMEs

  • Jun 10, 2013

  • The IFRS Advisory Council discussed the comprehensive review of the IFRS for Small and Medium-Sized Entities (IFRS for SMEs) and held breakout sessions on a number of questions

  • Comprehensive review of IFRS for SMEs

  • May 21, 2013

  • The IASB discussed the remaining new and revised IFRSs issued since the IFRS for SMEs was published and additional issues raised in response to the IASB’s Request for Information (RFI) issued in 2012.

  • IFRS for SMEs (IASB only)

  • Mar 19, 2013

  • The Board had a comprehensive review of IFRS for SMEs and considered the responses received to the questions in the IASB's 2012 Request for Information on the scope of the IFRS for Small and Medium-Sized Entities. The Board also discussed whether any amendments should be made to the IFRS for SMEs in relation to the use of the IFRS for SMEs by publicly traded entities.

  • IFRS for SMEs

  • Jun 14, 2012

  • The Board tentatively approved the staff’s request to issue for public comment an Invitation to Comment (later retitled to a Request for Information) on the comprehensive review of the IFRS for SMEs with a proposed comment deadline of 30 November 2012. The objective of the document is to seek the public’s views on whether there is a need to make any amendments to the IFRSs for SMEs and, if so, what amendments should be made, and to ensure constituents to raise their own issues.

All Related