Supporting International Standards

IFAC Response to the IFRS for SMEs Exposure Draft

Mar 07, 2023 | Comment Letters
28 Pages

IFAC welcomes this comprehensive review of IFRS for small- and medium-sized enterprises (SMEs). In principle, we support alignment of IFRS for SMEs with full IFRS Standards. As a basic standard-setting principle we believe the concepts that underpin IFRS and IFRS for SMEs should be the same, notwithstanding that their application may need to be modified to address user needs and capacity constraints of SMEs.

We generally agree with most of the proposals in the Exposure Draft and commend the IASB for considering the cost/benefit of each new or amended requirements from the perspective of SMEs and users of their financial statements. We believe it is critical to maintain the concept of ‘undue cost or effort’ and related exemptions as this is part of the foundation on which IFRS for SMEs has been developed and is a contributing reason why it is attractive to SMEs across the world.


Copyright © 2023 The International Federation of Accountants (IFAC). All rights reserved.


Related Resources


Get the latest updates delivered to your inbox

Subscribe now



View Boards Site


Translations & Permissions

Looking to reproduce the standards for your members? Want to include IFAC's publications in your training materials or university course? Learn how we can help.

IP permissions and policies


Explore More On...

Primary tabs

Thank you for your interest in our publications. These valuable works are the product of substantial time, effort and resources, which you acknowledge by accepting the following terms of use. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC.

Our reproduction and translation policies, as well as our online permission request and inquiry system, are accessible on the Permissions Information web page.

For additional information, please read our website Terms of Use. ALL RIGHTS RESERVED.