IASB consults on approach to updating IFRS for Small and Medium Entities (IFRS for SMEs)

The IASB has issued a request for information (RFI), which seeks input from stakeholders on whether and how IFRS for SMEs should be aligned with full IFRS Standards. The RFI lays out a number of potential approaches to updating IFRS for SMEs, which have not been modified for a number of years. The RFI also seeks views on whether IFRS for SMEs should be updated for a number of new IFRSs that have been issued since the last update to the standards, such as IFRS 9, IFRS 15 and IFRS 16.

Responses are to be submitted by 27 July 2020.

The comprehensive review document may be accessed here and a summarised ‘snapshot’ can be accessed here.