“More than six years after the IFRS for SMEs was first released in 2009, the IASB has now completed its first detailed review of the requirements. These Amendments are the outcome of that review.
We support the changes made, which we consider to be uncontroversial in the main. The most significant Amendments, as the Board itself has noted, are to the taxation section of the Standard. We agree with the Board’s decision here to align the requirements of the IFRS for SMEs with those of IAS 12 ‘Income Taxes’.
The IASB has also added additional ‘undue cost or effort’exemptions into the IFRS for SMEs. These reliefs will be
welcomed by many businesses. Importantly, the IASB has also provided more guidance on when and how to use these exemptions and a requirement to disclose the reasons for their use.”
Global Head – IFRS