The revised IFRS for SMEs accounting framework has been issued by the standard setter, the International Accounting Standards Board (IASB), which described the latest version as a ‘major update’ but stressed that the concept of ‘simplicity’ is still core to the standard.

The latest version aims to balance the information needs of lenders and other users of SMEs’ financial statements with the accountancy and financial resources available at smaller companies and subsidiaries reporting under the accounting framework.

The revision is the result of a periodic comprehensive review of the standard.

Key changes include: