IFRS Foundation News Alert

The International Accounting Standards Board recently issued amendments to the IFRS for SMEs Accounting Standard. Follow the link for more information:

https://www.ifrs.org/news-and-events/news/2023/09/iasb-amends-the-ifrs-for-smes-accounting-standard-itr/?utm_medium=email&utm_source=website-follows-alert&utm_campaign=immediate

The amendments to the IFRS for SMEs Accounting Standard are based on the amendments to IAS 12 Income Taxes issued in May 2023, which resulted from the introduction of the Pillar Two model rules of the Organisation for Economic Co-operation and Development. This out-of-cycle amendment follows urgent calls from affected stakeholders.

Companies may benefit immediately from the temporary exception in this amendment by providing the disclosures set out in the amendments for annual reporting periods beginning on or after 1 January 2023.

An IFRS digital or IFRS digital and print subscription is required to download the document: International Tax Reform – Pillar Two Model Rules – Amendments to the IFRS for SMEs Standard, by following the link:

Click to access iasb-2023-pillar-two-model-rules-smes.pdf