The IFRS for SMEs Accounting Standard Update is a staff summary of news, events and other information about the IFRS for SMEs® Accounting Standard and related SME activities. The staff summary has not been reviewed by the International Accounting Standards Board (IASB).
This edition of the IFRS for SMEs Accounting Standard Update includes:
The IASB issued the third edition of the IFRS for SMEs Accounting Standard on 27 February 2025. The third edition is accompanied by the Basis for Conclusions and Illustrative Financial Statements. The IASB also published a Project Summary and Feedback Statement and Effects Analysis.
In addition to PDFs of the Standard documents, users can also access the HTML of the third edition of the Standard and its Basis for Conclusions from the IFRS for SMEs Accounting Standards Navigator.
Major changes to the Standard include:
The Standard is also accompanied by resources to help with implementation.
Each section of the Standard has a corresponding educational module. The 35 educational modules are designed for anyone applying the Standard. The modules include illustrative examples and case studies to test knowledge.
The IASB technical staff is updating the modules to align with the third edition of the Standard—prioritising the sections with significant changes. The educational modules can be accessed from the supporting materials page.
The webcast series consists of short presentations that support the educational modules. The first webcast provides an overview of the second comprehensive review of the Standard and main changes to the Standard.
The IFRS for SMEs podcast series was launched this year and will inform stakeholders about key updates and insights regarding the Standard. The second and latest episode of the podcast features Blaise Colyvas, a SMEIG member and preparer, who provides his insights on the benefits of the Standard.
The webcasts and podcasts can be accessed from the supporting materials page.
SMEs and other interested parties can submit issues with implementing the Standard on the supporting materials page.
Submitted implementation issues are dealt with by staff in one of two ways:
The criteria in the SMEIG Terms of Reference state that in order to be considered for Q&A guidance, the issue should be pervasive, that unintended or inconsistent implementation has occurred or is likely to occur because of lack of clarity in the Standard and that the SMEIG can reach a consensus on the appropriate treatment on a timely basis.