IFRS for SMEs — Comprehensive review 2012-2014
Background
Previously, the IASB had stated that it planned to undertake an initial comprehensive review of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) 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
This project has been completed. The IASB issued 2015 Amendments to the IFRS for SMEs on 21 May 2015.
Project milestones
| Date | Development | Comments |
|---|---|---|
| June 2012 | Project formally added to IASB's agenda | Indicative timetable initially set 2015 as the target effective date for any amendments resulting from the review |
| 26 June 2012 | Request for Information Comprehensive Review of the IFRS for SMEs published | Comment deadline 30 November 2012 |
| 3 October 2013 | ED/2013/9 Proposed amendments to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) published | Comment deadline 3 March 2014 |
| 21 May 2015 | 2015 Amendments to the IFRS for SMEs issued |
Effective for annual periods beginning on or after 1 January 2017; earlier application permitted
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