The International Accounting Standards Board (IASB) published the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard (Exposure Draft) as part of its second comprehensive review of the IFRS for SMEs Accounting Standard (Standard).
The Exposure Draft proposes amendments to the Standard to reflect improvements that have been made in full IFRS Accounting Standards (in the scope of the second comprehensive review) while keeping the Standard simple to the SMEs. The IASB applies the principles of relevance, simplicity and faithful representation, including the assessment of costs and benefits and the Basis for Conclusions on this Exposure Draft explains how the IASB applied the principles for this review to decide whether and, if so, how to propose amending the Standard to align it with full IFRS Accounting Standards.
This Exposure Draft proposes that the effective date of the amended Standard is at least two years from the date that the third edition of the IFRS for SMEs Accounting Standard is issued. Early adoption of the third edition of the IFRS for SMEs Accounting Standard in its entirety would be permitted.
The IASB will consider feedback on the Exposure Draft in finalising the Third edition of the IFRS for SMEs Accounting Standard.
Click here to download the Exposure Draft and the following accompanying documents:
Invitation to comment
The MASB welcomes any interested party to submit comments on questions raised in the Exposure Draft by the closing date of 8 February 2023, via email to: email@example.com.
Click here to submit your comments.