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IFRS® Accounting Standards

Second Comprehensive Review of the IFRS for SMEs Accounting Standard

Summary

The Accounting Standards Board (AcSB) is monitoring the International Accounting Standards Board’s (IASB) Second comprehensive review of the IFRS for SMEs Accounting Standard.

As part of the first phase of the second comprehensive review, the IASB published a Request for Information seeking views on whether and, if so, how the IFRS for SMEs Standard should be updated for IFRS® Standards and amendments not currently incorporated in the IFRS for SMEs Accounting Standard.

During the second phase of the second comprehensive review, in response to feedback on the Request for Information and advice from the SME Implementation Group, the IASB published an Exposure Draft of proposed amendments to the IFRS for SMEs Accounting Standard in September 2022. The Exposure Draft closed for comment on March 7, 2023.

Staff Contact(s)

Danielle MacLeod, CPA, CA Associate Director, Accounting Standards Board

Phone number  +1 416 204 3951
Email address  [email protected]

Project Status

  • Information gathering

    The IASB published a Request for Information in January 2020

    Request for Information closed for comment on October 27, 2020

  • Approving project

    The IASB moved the project from its research agenda to its standard-setting work plan in March 2021

  • Consulting stakeholders

    IASB issued an Exposure Draft in September 2022

    Exposure Draft
  • Deliberating feedback

    The IASB is currently deliberating comments on their Exposure Draft

  • Final pronouncement

News

September 20, 2022

International Activity, Document for Comment

IASB Exposure Draft – Third Edition of the IFRS for SMEs Accounting Standard

The IASB has published an Exposure Draft, Third edition of the IFRS for SMEs Accounting Standard as part of its second comprehensive review of the standard. Stakeholders are encouraged to respond by March 7, 2023.

April 21, 2020

International Activity

UPDATE – IASB amends workplan and timelines

On April 17, 2020, the IASB voted to issue an Exposure Draft with a 30-day comment period proposing to extend by one year the effective date of an amendment to IAS 1 Presentation of Financial Statements. The IASB also decided to extend by three months the comment period for: Exposure Draft, General Presentation and Disclosures, Request for Information Comprehensive Review of the IFRS for SMEs Standard and Discussion Paper, Business Combinations – Disclosures, Goodwill and Impairment. The IASB also deferred the timelines for various upcoming consultation documents and final amendments. See the IASB’s workplan for more information.

February 10, 2020

International Activity

IASB Request for Information – 2019 Comprehensive Review of the IFRS for SMEs Standard

The IASB has published a Request for Information to seek views on whether and how to align the IFRS for SMEs Standard with the full IFRS Standards. Stakeholders are encouraged to respond by July 27, 2020.

Meeting & event summaries

February 7, 2023

AcSB Decision Summary – January 26, 2023

The AcSB approved its response letter to the IASB’s Exposure Draft “Third edition of the IFRS for SMEs Accounting Standard.”

December 5, 2022

AcSB Decision Summary – November 16-17, 2022

The AcSB discussed the proposals in the International Accounting Standards Board’s (IASB) Exposure Draft, “Third edition of the IFRS for SMEs Accounting Standard.” In particular, the AcSB considered how the proposal to amend the definition of public accountability in IFRS Accounting Standards for small to medium sized private enterprises (SMEs) could affect the scope of the IASB project Disclosure Initiative — Subsidiaries without Public Accountability: Disclosures. 

The AcSB will consider a draft of the response letter at its meeting in January 2023.

Disclaimer

This project summary has been prepared for information purposes only. Decisions reported are tentative and reflect only the current status of discussions on this project, which may change after further Board deliberations. Decisions to publish Handbook material are final only after a formal voting process.