After a comprehensive review process, accountants around the world wait in anticipation for the International Accounting Standards Board (IASB) to release the third edition of the IFRS for SMEs Accounting Standard. The planned date of release for the updated standard is tomorrow, 27 February 2025.

What is the IFRS for SMEs Accounting Standard?

The IFRS for SMEs Accounting Standard provides a simplified alternative to full IFRS Accounting Standards, specifically designed for small and medium-sized enterprises (SMEs) that do not have public accountability.

It includes five key simplifications compared to full IFRS:

1. Omitted Topics – Some topics from full IFRS are excluded as they are not relevant to typical SMEs.

2. Simplified Accounting Policies – Certain complex accounting options are removed, making it easier for SMEs to comply.

3. Simplified Recognition & Measurement – Many accounting principles are streamlined to reduce complexity.

4. Reduced Disclosures – SMEs are required to provide substantially fewer disclosures than listed companies.

5. Easier to Read & Translate – The standard is written in plain English for improved understandability and translation across different jurisdictions.

How to Access the New IFRS for SMEs Standard

IFRS Digital subscribers will get instant access to:

• The Standard

• The Basis for Conclusions

• Illustrative Financial Statements

Registered IFRS.org users will be able to download the standard.

Stay tuned for more information on the new IFRS for SMEs standard.