When the International Accounting Standards Board (IASB) issued the stand alone document IFRS for SMEs in 2009, it committed itself to reviewing the document periodically so as to ensure it remained fit for purpose and responsive to the needs of reporters.
The first scheduled review is now underway and all interested parties are entitled to input into the process. On this video, Richard Martin, ACCA’s head of corporate reporting and Paul Cooper, corporate reporting manager, discuss the changes which are being proposed by the IASB and ACCA’s views on those proposals.
The point is made that, at this stage, the IASB is not proposing a major revision of IFRS for SMEs but a number of technical amendments. The discussion also compares the IFRS for SMEs with the full Standards from which it is derived, and touches on how it is applied in practice across the world.