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FAQ on IFRS for SMEs
- 12 November 2024
- Financial Reporting
- South African Accounting Academy
Summary:
The South African Institute Chartered Accountants (SAICA) has published a Frequently Asked Question (FAQ) document on the Applicability of IFRS Accounting Standards to entities applying the IFRS for SMEs Accounting Standard.
Article:
The purpose of this FAQ is to clarify the applicability of new IFRS Accounting Standards, amendments to IFRS Accounting Standards and IFRS Interpretations Committee (IFRIC) agenda decisions when issued for entities preparing financial statements in terms of the IFRS for SMEs Accounting Standard.
This publication contains 1 Question and Answer.
This replaces FAQ - Applicability of IFRS 9 – Financial Instruments, IFRS 15 – Revenue from Contracts with Customers and IFRS 16 – Leases to entities applying the IFRS for SMEs standard), which was issued in September 2021.
At the time of publishing this FAQ, the IASB is expected to complete its second comprehensive review of the IFRS for SMEs Accounting Standard during 2025. This review seeks to align the IFRS for SMEs Accounting Standard with various new IFRS Accounting Standards, amendments to IFRS Accounting Standards and IFRS Interpretations published since the last comprehensive review in 2012.
Click here to download the 3-page FAQ document:
https://saicawebprstorage.blob.core.windows.net/uploads/resources/FAQ-on-IFRS-for-SMEs.pdf
Relevance to Auditors, Independent Reviewers & Accountants:
- As a compiler, auditor and independent reviewer, you need to evaluate your clients’ compliance with IFRS for SMEs, and thus you need knowledge of newly proposed and revised standards that are approved as well as when they become effective.
- As a practitioner, you should be aware of the latest publications providing guidance by relevant regulators and professional bodies, e.g. SAICA.
- This document clarifies the applicability of new IFRS Accounting Standards.