The IFRS for SMEs (International Financial Reporting Standards for Small and Medium-sized Entities) is a set of accounting standards designed specifically for small and medium-sized entities.
The first edition of the IFRS for SMEs was published in 2009, and the second was published in 2015. The third edition was published in 2021 and includes several updates and improvements.
Here are some reasons why the third edition of the IFRS for SMEs was necessary:
Keep up with changes in accounting practices: The accounting landscape is constantly evolving, and the third edition of the IFRS for SMEs includes updates to keep up with these changes. For example, it includes guidance on how to account for cryptocurrencies and other digital assets, which have become increasingly popular in recent years.
Address implementation issues: The first two editions of the IFRS for SMEs highlighted several implementation issues that needed to be addressed. The third edition aims to address these issues by providing clearer guidance and simplifying certain requirements.
Increase clarity and consistency: The third edition of the IFRS for SMEs includes several improvements that aim to increase clarity and consistency in the standard. For example, it includes a more structured presentation of the standard and clearer explanations of certain requirements.
Make it easier to use: The third edition of the IFRS for SMEs includes several improvements that aim to make the standard easier to use. For example, it includes more illustrative examples, a glossary of terms, and a more user-friendly format.
Overall, the third edition of the IFRS for SMEs must keep the standard up-to-date and address issues and concerns identified in the first two editions. The updates and improvements in the third edition should make it easier for small and medium-sized entities to apply the standard and increase the consistency and comparability of financial statements prepared using the standard.
A workshop on the Exposure Draft (ED) of the Third Edition of the International Financial Reporting Standard (IFRS) for Small and Medium-Sized Enterprises (SMEs) Accounting Standard was recently organised by MIA. The Small and Medium Practices (SMPs) were invited to attend the workshop to gain insight into their perspectives about the proposed changes and increase their understanding of them.
The opinions collected will be included in response to the ED, which will then be sent to the International Accounting Standards Board for consideration (IASB).
To kick off the event, Mr. Tan Khoon Yeow from BDO Malaysia gave a presentation on the overview of the proposed changes in the ED.
After that, there was a breakout session that was led by Mr. Tan Khoon Yeow and Puan Rasmimi Ramli, Executive Director of MIA.
Edward Thun participated in the discussion on one of the accounting standards while representing CCS at the workshop described above.
We put a lot of emphasis on ensuring that our team members enjoy a balanced life outside work.
Hence, our firm's Sports and Social Committee is responsible for actively organising an exciting variety of events, such as the Annual Dinner, Annual Trips and Inter-accounting Firm Tournament.
These events are planned so that our professionals can take some time off to relax and, more importantly, come together to strengthen their sense of community and teamwork.
This year's Inter-Accounting Firm Tournament will be held on February 25 and 26, 2023 (Saturday and Sunday). We welcome your support!
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