Date posted: 28/10/2020

Joint submission to IASB IFRS for SME's alignment

CA ANZ/ CPAA submission supports IASB’s work to update IFRS for SME’s standard to support global SME sector reporting needs

The professional bodies joint submission has supported the IASB’s plans to update its IFRS for SME’s standard to reflect recent developments in full IFRS. However we are concerned that there are a substantial number of jurisdictions, including Australia and New Zealand, who adopt full IFRS, but do not use IFRS for SME’s for their SME markets. We have therefore recommended that the IASB investigate the implementation challenges these jurisdictions face and work with them to ensure that the standard achieves its fundamental objective of providing a global simplified reporting alternative to full IFRS that will effectively serve the global needs of the SME sector into the future.

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