[Global Financial Insights] IASB to Release Updated Third Edition of IFRS for SMEs Accounting Standard and More
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- Last Updated on 28 February, 2025
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Global Financial Insights is a weekly feature for the Accounts and Audit Module subscribers of Taxmann.com. It provides you with the latest updates on financial reporting and auditing practices from across the globe. Here is this week’s financial update:
- IASB to release updated IFRS for SMEs: The IASB will issue the third edition of the IFRS for SMEs Accounting Standard on 27 February 2025 to align SME reporting with key IFRS Standards while maintaining simplicity. Updates include elements from the 2018 Conceptual Framework, IFRS 13 (Fair Value Measurement), and IFRS 15 (Revenue Recognition). The standard will be effective from 1 January 2027, with early application permitted.
- FRC updates guidance on going concern reporting: On 25 February 2025, the FRC released updated non-mandatory guidance on the going concern basis of accounting, consolidating key regulatory requirements into a single resource. The guidance helps companies provide clear, high-quality disclosures on going concern assessments, enhancing stakeholder confidence and improving access to capital for UK businesses.
- IASB February 2025 update: In February 2025, the IASB discussed key financial reporting projects, including Financial Instruments with Characteristics of Equity, Amortised Cost Measurement, Intangible Assets, Business Combinations, and IFRS 19 updates. The board reviewed exposure drafts, assessed stakeholder feedback, and approved IAS 36 improvements for better disclosures.
- ISSB February 2025 update: In February 2025, the ISSB discussed sustainability-related financial disclosures, focusing on biodiversity, human capital, and climate-related risks. The board reviewed IFRS S1 and SASB Standards for biodiversity and explored collaboration with TNFD, emphasizing further research. In a joint session with IASB, feedback on climate-related uncertainties was reviewed, contributing to future sustainability reporting guidance.
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