IASB issues 2015 Amendments to the IFRS for SMEs
5 June 2015
This edition outlines the 2015 amendments (“the amendments”) to the International Financial Reporting Standard for Small- and Medium-sized Entities (IFRS for SMEs) issued by the IASB in May 2015.
- The IASB has finalised the 2015 amendments to the IFRS for SMEs as part of its initial comprehensive review of the Standard.
- The three significant changes to the proposals in the 2013 Exposure Draft are:
─ the addition of an option to use the revaluation model for property, plant and equipment;
─ simplified transition requirements; and
─ alignment of the main recognition and measurement requirements for exploration and evaluation assets with IFRS 6 Exploration for and Evaluation of Mineral Resources.
A number of “undue cost and effort” exemptions have been introduced throughout the Standard and additional guidance has been provided on using this exemption.
Entities are required to apply the amendments for annual periods beginning on or after 1 January 2017 with earlier application permitted.