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In September 2022, the International Accounting Standards Board (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 Exposure Draft proposed amendments to the IFRS for SMEs Accounting Standard to reflect improvements that have been made in full IFRS Accounting Standards (in the scope of the second comprehensive review) while keeping the Standard simple.

The IASB discussed feedback on the Exposure Draft in June 2023 and its plans for redeliberating the proposals in the Exposure Draft in September 2023.

Read the staff summary of the IASB’s tentative decisions to date.

The IASB expects to publish the third edition of the IFRS for SMEs Accounting Standard in the first quarter of 2025.

IASB® Update October 2024

The IASB met on 21 October 2024 to discuss sweep issues relating to the proposals in the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard. 

The IASB tentatively decided to amend paragraph 19.13 of the Exposure Draft to specify that an SME would be required to assess only at the date of acquisition whether measuring the fair value of the contingent consideration involves undue cost or effort. Therefore, no reassessment would be permitted.

All 14 IASB members agreed with this decision.

The IASB tentatively decided to withdraw the proposal in the Exposure Draft to add a sentence to paragraph 5.11 of the IFRS for SMEs Standard about providing further information about expenses by nature or function.

All 14 IASB members agreed with this decision. 

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IFRS for SMEs Accounting Standard