Background
The International Accounting Standards Board (IASB) issued the International Financial
Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) in July 2009. At that time
the IASB stated its plan to undertake an initial comprehensive review of the IFRS for SMEs to
assess the first two years’ experience that entities would have had in implementing it and to
consider whether there is a need for any amendments. In many jurisdictions companies
started using the IFRS for SMEs in 2010. Consequently, the IASB commenced its initial
comprehensive review in 2012.
In order to assist in the process of identifying which items to consider for amendment the IASB issued a Request for Information (RfI) in June 2012 to seek public views and consulted with the SME Implementation Group, an advisory body to the IASB. After considering the feedback it received, and taking into account the fact that the IFRS for SMEs is still a new Standard, the IASB proposes to make limited amendments to the IFRS for SMEs. The Basis for Conclusions provides further information on the review process and also provides the IASB’s reasoning for the proposed amendments.