The IFRS Foundation is a not-for-profit, public interest organisation established to develop high-quality, understandable, enforceable and globally accepted accounting and sustainability disclosure standards.
Our Standards are developed by our two standard-setting boards, the International Accounting Standards Board (IASB) and International Sustainability Standards Board (ISSB).
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Discover more about the adoption process for IFRS Accounting Standards, and which jurisdictions have adopted them and require their use.
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On 3 November 2021, at COP26, the IFRS Foundation Trustees announced the creation of the International Sustainability Standards Board (ISSB).
On 26 June 2023 the ISSB issued its inaugural standards—IFRS S1 and IFRS S2—ushering in a new era of sustainability-related disclosures in capital markets worldwide.
The IFRS for SMEs Accounting Standard Update is a staff summary of news, events and other information about the IFRS for SMEs® Accounting Standard and related SME activities. The staff summary has not been reviewed by the International Accounting Standards Board (IASB).
This edition of the IFRS for SMEs Accounting Standard Update includes:
The IASB is carrying out a second comprehensive review of the IFRS for SMEs Accounting Standard, which the IASB issued in 2009 and amended in 2015.
For the latest updates and more information about the project, please visit the project page.
On 22 June 2022, the IASB gave the permission to begin the balloting process for the publication of the Exposure Draft. The IASB expects to publish the Exposure Draft in September 2022 and it will remain open for public comment for 180 days.
The IFRS Foundation has appointed four new members to the SMEIG for a three-year term commencing 1 July 2022.
The new members of the SMEIG are:
The appointment of new members to the SMEIG from the Americas is still in progress and will be announced in the coming months. The IFRS Foundation continues to search candidates from the Americas, seeking to achieve the SMEIG’s objective of building a diverse, geographical and gender balanced group.
IASB members and staff will present the forthcoming Exposure Draft at the WSS Conference 2022. More information about the conference can be found here.
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