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The Board suggested to include a parallel discussion from the measurement section in Section 2 which will help users to make a decision which measurement basis to use. Other Board members preferred the to include an overriding paragraph to explain the interaction of Section 2 and other sections within the Standard. the Board retain the concept of ‘undue cost or effort’īoard members discussed whether a better approach would be to include the details of Section 2 as an appendix to the standard since it contains the basic definition and important concepts for understanding and application.the Board assess potential inconsistencies between a revised Section 2 and any other section of the IFRS for SMEs Standard.the Board develop amendments to the IFRS for SMEs Standard to align Section 2 with the 2018 Conceptual Framework and introduce an override paragraph in Section 2 to emphasise that the specific requirements of the other Sections of the IFRS for SMEs Standard take precedence over the requirements in Section 2.the status of Section 2 of the IFRS for SMEs Standard will remain unchanged.This paper discusse d whether and how to propose amending the IFRS for SMEs Standard for the 2018 Conceptual Framework for Financial Reporting (2018 Conceptual Framework) Towards an Exposure Draft-2018 Conceptual Framework (Agenda Paper 30B) In addition, respondents to the outreach proposed that the scope of the IFRS for SMEs Standard should be amended to allow publicly accountable entities such as small credit union and small banks to apply the Standard.īoard members discussed updating the guidance for micro-size entities and ensuring that the guidance in IFRS 16 on finance leases is included in the IFRS for SMEs Standard.īoard members discussed the challenges involved in relation to the required disclosures and suggested to discuss the accounting treatment that will be considered which will impact the content of the disclosures. Board members also discussed that based on the feedback, the challenges of applying the Standard include limited resources, lack of knowledge in application and difficulty in obtaining data from management. The Board needs to keep the standard simple. The purpose of the paper was to summarise feedback from additional outreach undertaken to help the Board decide on the proposed amendments for the IFRS for SMEs Standard.īoard members discussed that the overriding message highlights the importance of the IFRS for SMEs Standard as a stable platform, which requires substantially fewer disclosures. SME preparer interview feedback summary (Agenda Paper 30A) On this meeting, the Board started deliberating specific sections of the IFRS for SMEs Standard that could be aligned with IFRS Standards, amendments to IFRS Standards and IFRIC Interpretations in the scope of the review, and other topics. Second phase of the review (Agenda Paper 30)Īt its March 2021 meeting, the Board tentatively decided to develop an Exposure Draft of amendments to the IFRS for SMEs Standard using the alignment approach.