IASB to Incorporate IFRS 9 Provisions in Accounting Standard for SMEs
The International Accounting Standards Board (IASB) is seeking comments, until March 07, 2023, on the proposals to update the IFRS for SMEs Accounting Standard—the simplified accounting standard for small and medium-size entities. IASB is also proposing to update the SME Standard for new requirements in IFRS 9 on Financial Instruments, in addition to certain other IFRS standards.
The proposed amendments in the exposure draft will become effective at least two years from the date of the issuance of the third edition of the IFRS for SMEs Accounting Standard. IASB, despite applying the alignment approach, has decided not to propose any amendments on topics related to IFRS 14 Regulatory Deferral Accounts, IFRS 16 Leases, and holdings of cryptocurrency and issues of crypto-assets. IASB plans to revisit these topics in a future review of the IFRS for SMEs Accounting Standard. In addition, IASB published, along with Questions and Answers, the Basis for Conclusions on the Exposure Draft explaining the alignment principles and how the IASB applied the principles to develop the proposals in this exposure draft.
Keywords: International, Accounting, Leases, Banking, Insurance, IFRS 9, Financial Instruments, SMEs, IFRS, IASB
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