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:
- an update on the expected publication of the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard;
- an overview of the appointment of four new members to the SME Implementation Group (SMEIG); and
- an update on the presentation of the Exposure Draft at the World Standard-setters Conference (WSS Conference).
The IASB is carrying out a second comprehensive review of the IFRS for SMEs Accounting Standard, which the IASB issued in 2009 and amended in 2015.
For the latest updates and more information about the project, please visit the project page.
Expected publication of the Exposure Draft proposing amendments to the IFRS for SMEs Accounting Standard
On 22 June 2022, the IASB gave the permission to begin the balloting process for the publication of the Exposure Draft. The IASB expects to publish the Exposure Draft in September 2022 and it will remain open for public comment for 180 days.
Appointment of four new SMEIG members
The IFRS Foundation has appointed four new members to the SMEIG for a three-year term commencing 1 July 2022.
The new members of the SMEIG are:
- Blaise Colyvas (South Africa)
- Kwabena Situ (Ghana)
- Danny Tan (Malaysia)
- Hironori Okada (Japan)
The appointment of new members to the SMEIG from the Americas is still in progress and will be announced in the coming months. The IFRS Foundation continues to search candidates from the Americas, seeking to achieve the SMEIG’s objective of building a diverse, geographical and gender balanced group.
Presentation of the Exposure Draft at the WSS Conference
IASB members and staff will present the forthcoming Exposure Draft at the WSS Conference 2022. More information about the conference can be found here.
