The main focus was on the possible simplifications to the requirements of IFRS 15 Revenue from Contracts with Customers when aligning Section 23 Revenue of the IFRS for SMEs standard with the revenue recognition standard, while there was agreement that rules on crypto currency accounting treatment would be deferred until the main IFRS standards were updated.

SMEIG members generally agreed with the staff’s suggested simplifications to IFRS 15, which includes a proposal to simplify the description of the term ‘performance obligation’.

Although there was not unanimous agreement on the proposals a number of committee members agreed that the description of ‘performance obligation’ should be simpler. In their view, the term ‘performance obligation’ would be difficult for SMEs to understand, whereas describing the term as a ‘promise’ would be more consistent with the language used by SMEs.

There was