• Service: Audit, IFRS
  • Type: Business and industry issue
  • Date: 10/15/2013

Keeping the IFRS for SMEs up to date  

New proposals issued by the IASB aim to update the IFRS for Small and Medium-sized Entities for IFRS developments without adding complexity.

The proposed changes to the section on income taxes, which would bring it back into line with IAS 12 Income Taxes, may impact preparers. Most of the other proposed amendments seek only to clarify existing requirements, provide supporting guidance and update the standard in light of changes to full IFRS, unless the new requirements are too complex.

The IASB has also simplified certain disclosure requirements and provided some new exemptions.
Comments are due to the IASB by 3 March 2014.

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