IASB consults on SME financial reporting rules

The International Accounting Standards Board (IASB) has published proposed changes to IFRS for small and medium-sized businesses to make the reporting rules easier to understand.

The SME reporting standards have been used since 2010.

Most of the proposed amendments clarify existing requirements or add supporting guidance, rather than propose changes to the underlying requirements in the IFRS for SMEs, the IASB said.

The IASB is consulting on the suggested changes until 3 March 2014.

IASB chairman Hans Hoogervorst, said: “The IFRS for SMEs has already been a remarkable success, having been adopted by more than 80 countries and used by millions of companies worldwide.”

The review of IFRS for SMEs will help make sure the IFRS for SMEs is working as intended, the IASB said.