IASB publishes Exposure Draft of proposed amendments to IFRS for SMEs
09 September 2022
The IASB has published the Exposure Draft of the proposed amendments to IFRS for SMEs Accounting Standard. The IASB has also published a snapshot of the Exposure Draft.
The proposed amendments reflect feedback on the Request for Information published in 2020 as part of its Second Comprehensive Review of the Standard and the advice from the IASB’s SME Implementation Group.
The proposed amendments include updating the principles of the Standard to align to those of The Conceptual Framework for Financial Reporting issued in 2018 and simplified requirements based on IFRS 13 Fair Value Measurement and IFRS 15 Revenue from Contracts with Customers. The proposals also include updating the Standard for new requirements in IFRS 3 Business Combinations, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements and IFRS 11 Joint Arrangements.
The deadline for comments on the Exposure Draft is 7 March 2023. The Exposure Draft and the snapshot may be accessed here.