The 2023 IFRS for SMEs Annual Update (including a progress update on the amended IFRS for SMEs Accounting Standard)

Numerous accountants and other professionals are eagerly awaiting the release of the latest round of amendments to the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) by the International Accounting Standards Board (IASB). The last formal round of amendments to the IFRS for SMEs occurred in the 2015 calendar year, and hence the amendments expected to be released this time round, are likely to be significant. The reason for this is that the IASB will be, to a certain extent, aligning some outdated sections of the IFRS for SMEs with full IFRS, for example the introduction of the five-step revenue recognition model (from IFRS 15 Revenue from Contracts with Customers) to Section 23 of the IFRS for SMEs. There are many more such examples that are expected to be included as part of the expected amendments to the IFRS for SMEs. In this highly informative session, join CPD Campus as we investigate the expected date of the release of the 2023/24 amendments to the IFRS for SMEs as well as what these (expected) amendments to the IFRS for SMEs entail. This session is not to be missed! In attending this session, you will be developing the following professional competencies:
• Main competency group: Professional values and attitudes

• Sub-competency group: Lifelong learning

• Specific competency: Assurance engagements; Inquisitiveness

• Main competency group: Enabling and future competencies

• Sub-competency group: Business acumen

• Specific competency: Assurance engagements; Business internal environment

• Main competency group: Enabling and future competencies

• Sub-competency group: Decision-making acumen

• Specific competency: Assurance engagements; Critical thinking; Judgement; Problem-solving; Numerical reasoning

• Main competency group: Technical competencies

• Sub-competency group: Stewardship of capitals: business process and risk management

• Specific competency: Assurance engagements; Reporting fundamentals

• Main competency group: Technical competencies

• Sub-competency group: Assurance and related services

• Specific competency: Assurance engagements; Audits of historical financial statements