With Myriads of changes and new IFRS coming to effect from period commencing January 2019. Certain notion for review is warrant in order to align and harmonise provisions of IFRS for SMEs to new IFRS (ie IFRS 16 for leases)
IASB® Update March 2019
The Board met on 12 March 2019 to discuss the 2019 comprehensive review of the IFRS for SMEs Standard.
The Board discussed:
- whether the IFRS for SMEs Standard should be aligned with full IFRS Standards;
- the principles to apply when considering whether and how the IFRS for SMEs Standard should be updated for new and amended IFRS Standards; and
- whether the Request for Information should recommend aligning Section 2 Concepts and Pervasive Principles of the IFRS for SMEs Standard with the 2018 Conceptual Framework for Financial Reporting.
The Board did not make any decisions.