ICAI Invites Comments On IFRS For Smes Accounting Standard By Dec 31

New Delhi, Oct 13 (KNN) The Institute of Chartered Accountants of India (ICAI) has released an exposure draft on International Financial Reporting Standard (IFRS) for SMEs Accounting Standard.

It has called for suggestions and feedback from stakeholders by December 31, 2022.

They are applied for general purpose financial statements of small companies, primarily SMEs, private entities and non-publicly accountable entities, which is required or permitted in 86 jurisdictions across the globe.

This Standard is based on full IFRS with modifications to reflect the needs of users of SMEs' financial statements and cost-benefit considerations.

It focuses on the information needs of lenders, creditors and other users of SME financial statements who are interested primarily in information about cash flows, liquidity and solvency.

In 2009, the International Board (IASB) issued the first edition of International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs Accounting Standards).

The IASB maintains the SMEs Standards through periodic review and proposes amendments by publishing an omnibus exposure draft.

In developing these exposure drafts, it considers new and amended IFRS Accounting Standards as well as issues brought to its attention regarding the application of the Standard.

After its first comprehensive review of the Standard in 2015, it conducted its second comprehensive review in 2019.

The IASB published Request for Information Comprehensive Review of the IFRS for SMEs Standard as a first step in its second comprehensive review and consulted with the SME Implementation Group (SMEIG), an advisory body to the IASB.

After considering the feedback on the Request for Information and the recommendations of the SMEIG, the IASB is proposing amendments to the IFRS for SMEs Accounting Standard.

The downloadable version is available at and the comment can be submitted online on or an email can be sent to or post it to ICAI addressing to the Secretary, Accounting Standards Board. (KNN Bureau)

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