IASB publishes 'Request for Information: Comprehensive Review of the IFRS for SMEs Standard'
28 Jan 2020
The IASB, in cooperation with the SME Implementation Group (SMEIG), has developed and issued a request for information seeking comments on strategic and general questions, specific sections of the IFRS for SMEs, as well as new topics and other matters related to the IFRS for SMEs. The deadline for submitting responses has been extended until 27 October 2020.
IFRS for SMEs was first issued in July 2009. A first comprehensive review of the standard took place between 2012 and 2014. The IASB has now launched a second review with the objective of seeking views on whether and how to align the IFRS for SMEs with full IFRSs.
The Request for Information is divided into three parts:
- Part A contains strategic and general questions.
- Part B contains questions on specific sections of the IFRS for SMEs and their alignment with the full IFRSs; and
- Part C contains questions on new topics and other matters related to the IFRS for SMEs.
A summary of the questions asked in each Part is set out in the table at the bottom of the article.
The SMEIG is expected to review comments on the request for information and make recommendations to the IASB on possible amendments.
Click for:
- Press release (link to IASB website)
- Request for information: Comprehensive Review of the IFRS for SMEs Standard
- Snapshot overview of the request for information on the IASB website
Stakeholders can submit feedback by:
- Comment letter process — For stakeholders that currently have this process in place
- Optional response document — For stakeholders without an existing comment letter process, but with the time and resources to provide one
- Online survey — For stakeholders with limited time and resources
Summary of questions asked in the request for information |
---|
Part A - Strategic and general questions
Part B - Specific issues
Part C - New topics and other matters
|