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Comprehensive review of the IFRS for SMEs Standard

Date recorded:

Cover Paper (Agenda Paper 30)

The Board is undertaking its 2019 Comprehensive Review of the IFRS for SMEs Standard and has completed its first phase of the review.

The objective of this meeting was to seek the Board to approve for public comment the Request for Information (RFI) of the 2019 Review and to approve the comment period for the RFI of the 2019 Review.

Development of the Draft Request for Information and permission to publish (Agenda Paper 30A)

1) The staff asked whether the Board agrees to retain its previous decision to publish an RFI to complete the first phase of the Board’s comprehensive review of the IFRS for SMEs Standard.

2) The staff sought approval from the Board to allow 180 days for comment on the RFI.

3) The staff sought approval from the Board to publish the RFI of the 2019 Review.

Board discussion and voting

The Board sought staff confirmation that alternative three in paragraph 18 (a) of Agenda Paper 30B is to defer rather than to abandon the amendments. Staff confirmed this.  The Board did not propose further changes to the RFI but noted that the formatting and wording could be more precise and direct and would like staff to take this into consideration for future comprehensive reviews.

Staff stated that a snapshot and supporting material for the RFI would be produced.

All Board members voted to retain the previous decisions of the Board’s comprehensive review of the IFRS for SMEs Standard, to allow 180 days for comment on the RFI and to publish the RFI of the 2019 Review.

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