IFRS for SMEs Under Review by IASB

The International Accounting Standards Board (IASB) is undergoing a comprehensive review for the purposes of updating the IFRS for SMEs Standard.  This simplified accounting standard for small and medium entities is used by some jurisdictions as the basis for the requirements of implementing IFRS 9 for Financial Instruments and the expected loss calculations.  Although the standard is intended for "publicly accountable entities", WOCCU has supported its use for credit unions as a means of simplifying the accounting and reporting requirements of IFRS 9 for credit unions.  WOCCU intends to look at ways that the standard and approaches can be aligned with IFRS 9.

A copy of the consultation can be viewed here.

International Accounting Standards Board