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What to know about third reboot of IFRS accounting standard for SMEs
The guiding principle was ensuring a balance between the simplicity of the IFRS for SMEs standard and the information needs of users of an SME’s financial statement.
The third edition of the IFRS for SMEs standard will be issued in the first quarter of 2025 with an effective date for annual reporting periods beginning on or after January 1, 2027. This recent reboot marks 10 years since the IASB (International Accounting Standards Board) last revised the IFRS for SMEs standard.
The changes to the standard are the result of stakeholder feedback and discussions at the IASB through comment letters, surveys, outreach programs, and meetings in response to information requests, as well as an exposure draft of the revisions to the standard.
