The Accounting Standards Board (AcSB) is monitoring the International Accounting Standards Board’s (IASB) Second comprehensive review of the IFRS for SMEs Accounting Standard.
As part of the first phase of the second comprehensive review, the IASB published a Request for Information seeking views on whether and, if so, how the IFRS for SMEs Standard should be updated for IFRS® Standards and amendments not currently incorporated in the IFRS for SMEs Accounting Standard.
During the second phase of the second comprehensive review, in response to feedback on the Request for Information and advice from the SME Implementation Group, the IASB published an Exposure Draft of proposed amendments to the IFRS for SMEs Accounting Standard in September 2022. The Exposure Draft closed for comment on March 7, 2023.