POSTED BY THE INTERNATIONAL ACCOUNTING STANDARDS BOARD ON FEBRUARY 27, 2025
The International Accounting Standards Board (IASB) has recently introduced a significant update to the IFRS for SMEs Accounting Standard, which is currently applicable or permitted in 85 jurisdictions. This update seeks to balance the information needs of lenders and other users of SMEs’ financial statements with the available resources of SMEs.
Key updates include:
▶ a revised revenue recognition model;
▶ the consolidation of fair value measurement requirements into a single section; and
▶ updated provisions for business combinations, consolidations, and financial instruments.
The update is effective for annual periods starting on or after January 1, 2027, with early adoption permitted.
Source: IFRS.org Website
