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Why we need the 3rd edition of the IFRS for SMEs Accounting Standard

Updated: Feb 18, 2023


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:

  1. 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.

  2. 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.

  3. 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.

  4. 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.


Reference

9.1 Third edition of the IFRS for SMEs
.pdf
Download PDF • 1.68MB

9
.2 Basis for Conclusions and Illustrative Financial Statements on Third edition of the IF
Download 2 BASIS FOR CONCLUSIONS AND ILLUSTRATIVE FINANCIAL STATEMENTS ON THIRD EDITION OF THE IF • 564KB

9.3 Snapshot - ED IFRS For SMEs - Sept 2022
.pdf
Download PDF • 182KB


5 games to keep employees of CCS & Co Plt - Chartered Accountants and Bispoint Group of Accountants connected.


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!


5项活动让 CCS 特许会计师Bispoint Group of Accountants 的员工保持联系。


我们非常重视我们的团队成员享受工作以外的平衡生活。


有鉴于此,我们公司的康乐委员会积极举办各种令人兴奋的活动,如年度晚宴、年度旅行和会计师事务所之间的比赛。


这些活动的策划是为了让我们的专业人员可以抽出一些时间来放松,更重要的是,他们可以聚在一起加强社区意识和团队精神。


今年的会计师事务所之间的比赛将于2023年2月25日和26日(星期六和星期日)举行。我们欢迎你前来支持!

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