IFAC Response to the IASB Request for Information on Its Comprehensive Review of the IFRS for SMEs Standard
IFAC is pleased to respond to the IASB Request for Information (RFI) Comprehensive Review of the IFRS for SME standard.
One of IFAC’s key objectives is ‘Contributing to and promoting the development, adoption, and implementation of high-quality international standards’, which includes providing the global profession’s perspective. This response has been prepared following consultation across our broad constituent base.
In support of global regulatory convergence, IFAC is of the view that high-quality international standards should be adopted and implemented globally. IFAC’s Statement of Membership Obligation (SMO) 7 - International Financial Reporting Standards and Other Pronouncements Issued by the IASB requires its member organizations to encourage responsible parties to consider the use of IFRS for SMEs for non-public interest entities, as the basis for preparing financial statements.