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IASB amends IFRS for SMEs

  • IASB document Image

May 21, 2015

The IASB has published amendments to its “International Financial Reporting Standard for Small and Medium-sized Entities” (the "IFRS for SMEs"). The amendments are the result of the first comprehensive review of that standard, which was originally issued in 2009. Although the changes affect 21 of the standard’s 35 sections (not counting consequential amendments) as well as the glossary, they are generally minor. The amendments are effective for annual periods beginning on or after January 1, 2017, with earlier application permitted.

Most of the changes constitute clar­i­fi­ca­tions and do not affect the accounting for trans­ac­tions and events. The following are three of the more significant amendments:

  • An entity would be permitted to use the reval­u­a­tion model for property, plant, and equipment.
  • The main recog­ni­tion and mea­sure­ment re­quire­ments for deferred income taxes would be aligned with the current re­quire­ments in IAS 12, Income Taxes.
  • The main recog­ni­tion and mea­sure­ment re­quire­ments for ex­plo­ration and eval­u­a­tion assets would be aligned with those in IFRS 6, Ex­plo­ration for and Eval­u­a­tion of Mineral Resources; thus, the IFRS for SMEs would provide the same relief as full IFRSs do for these ac­tiv­i­ties.

The IASB will issue a complete, revised version of the IFRS for SMEs in the next few months.

For more information, see Deloitte's IFRS in Focus newsletter as well as the press release, final amendments, Basis for Conclusions, and project summary and feedback statement on the IASB’s Web site.

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