Second Comprehensive Review of the IFRS for SMEs Accounting Standard

The International Accounting Standards Board (IASB) maintains the IFRS for SMEs Accounting Standard through periodic reviews. In September 2022, the IASB published the Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard as part of its second comprehensive review of the standard. The outcome of this second review will improve information provided to users of SME financial statements, while maintaining the simplicity of the standard for SMEs.

The IASB met on 22 July 2024 to deliberate the proposals in the Exposure Draft Third Edition of the IFRS for SMEs Accounting Standard again. The IASB decided that the third edition of the IFRS for SMEs Accounting Standard will be effective for annual reporting periods beginning on or after 1 January 2027. The IASB plans, however, to issue the third edition of the standard in the first half of 2025.

Detailed information on the latest IASB decisions on proposed changes are available on:
https://www.ifrs.org/projects/work-plan/2019-comprehensive-review-of-the-ifrs-for-smes-standard/