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IASB issues third edition of IFRS for SMEs accounting standard
The amendments and new requirements align with IFRS accounting standards where considered relevant to SMEs, with some simplifications.
The third edition of the Standard has been issued following the completion of the Board’s second comprehensive review.
One of the most significant updates is the revision of Section 23 Revenue which has been renamed Revenue from Contracts with Customers and now aligns with IFRS 15 Revenue from Contracts with Customers, with simplified requirements.
Other notable updates include:
- Introduction of Section 12 Fair Value Measurement which aligns with the principles of IFRS 13 Fair Value Measurement
- Alignment with the 2018 Conceptual Framework
- Alignment of the definition of control with IFRS 10 Consolidated Financial Statements