IASB Publishes Amendments to IFRS for SMEs

On 21 May 2015, the IASB published a whole range of amendments to the IFRS for SMEs (published in 2009). This marks the culmination of the first comprehensive review of the standard, which began in 2012.

Keywords: Mazars, Thailand, IFRS, IASB, SMEs

14 July 2015

The published amendments relate to 21 of the 35 sections of the standard. A large majority are clarifications and additions to the application guidance, with a view to improving users’ understanding of the document. These amendments are unlikely to have a significant impact on the financial reporting of SMEs. They will be applicable for financial periods commencing on or after 1 January 2017. Early application will be permitted.

The amendments are available on the IASB’s website.