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Comprehensive Review of the IFRS for SMEs Standard

Date recorded:

Second comprehensive review of the IFRS for SMEs Standard Outreach — Survey (Agenda Paper 30)

The IASB published, 'Request for Information: Comprehensive Review of the IFRS for SMEs Standard' on 28 January 2020 (with comments thereto to be received by 27 October 2020).

Staff proposed an alternative form of outreach in the form of a survey (published on 22 April 2020 with comments to be received by 27 October 2020) for stakeholders who do not have an existing process or do not have sufficient capacity or resources to submit a comment letter.

Staff recommendations:

  • The Board objective is to get a balanced view from a wide range of stakeholders. The survey gives opportunity to reach SMEs that normally do not reply or have limited time, capacity and resources to respond;
  • Staff also highlighted how to respond to the request for the information. The survey is aimed at those who do not have an existing process or do not have sufficient capacity or resources to submit a comment letter;
  • Common letter is still the most common and persuasive form of feedback;
  • The deadline for response has been updated to 27 October 2020.

Board discussion

Some Board members noted that the Survey is a great initiative; it makes particular sense in the SMEs environment as it is not something that can be adopted for the full IFRS.

In the SMEs environment, there is a unique set of stakeholders. It is difficult to engage with them to get their views. The survey is not a replacement of the comment letter but will provide a different data point to better understand the stakeholders.

The Board agreed with the staff recommendations.

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