Timing of the next review of the 'IFRS for SMEs' Standard

Date recorded:


The aim of the session was to ask the Board whether an interim review of the IFRS for SMEs Standard should commence this year in advance of the next comprehensive review which is expected to start in early 2019. The interim review would consider:

  1. The fallback to IAS 39;
  2. Changes to full IFRS Standards that have not yet been incorporated in the IFRS for SMEs Standard; and/or
  3. Other urgent issues.

The Board was not asked for their views on what the interim review should consider; they will be asked merely on the timing of when to consider making these changes.

Staff recommendation

The Staff recommended that no interim review should be performed based on cost/benefit reasons.


The Board approved the Staff’s recommendation.

With regard to the Staff’s suggestion of performing research in advance of the next comprehensive review on how best to incorporate the significant changes in new and amended full IFRS Standards into the IFRS for SMEs Standard, the Board asked the Staff to seek the SME stakeholders’ views on whether undertaking such research projects would be helpful to them. The Board also asked the Staff to clarify with the SMEIG on what role the latter would play in this follow-up process.

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