SME Standard review and update
Oral Update
The staff updated the Board for the SME Implementation Group (‘SMEIG’) meeting held on 4th and 5th February 2021 (‘the SMEIG meeting’).
The agenda paper for the SMEIG meeting contained two parts. Part A addressed the strategy and the approach of the review. Part B addressed the alignment of specific sections for the IFRS for SMEs standard with full IFRS Standards.
Staff confirmed with the SMEIG that the alignment is a continuous development of the IFRS for SMEs Standard.
Staff also confirmed that the review is not intended to change the orginal objective of the IFRS for SMEs Standard which is to provide a simplified set of accounting principles that are approperiate for small unlisted entities to apply.
Members agreed with the staff’s preminiary thoughts in the agenda paper.
The SMEIG members provided useful information to staff on items that received mixed feedback in the responses to the Request for Information (RFI). The staff will draft the SMEIG report based on the meeting and the full report will be published on the SMEIG page on the IASB website.
At the March Board meeting the staff will present a plan for the review for the Board to decide the project direction for the second phase of the review based on the feedback received on the RFI and the SMEIG’s recommendations.
No decisions were made.
