IASB issues a major update to the IFRS for SMEs Accounting Standard

The IASB has issued an updated version of IFRS for SMEs which will ensure high quality financial information for users of SMEs' financial statements, thereby promoting a more consistent approach to financial reporting for entities of different sizes.

Given the importance of this update, SARAS will work on the translation and implementation of the updated standard. The standard will be effective from 1 January 2027 or for annual periods beginning on or after that date.
In addition, SARAS plans to coordinate with donor organizations to assist in updating relevant training materials and conducting a Training of Trainers (ToT). This will equip professionals with the necessary knowledge to effectively implement the updated standard.

For more details, visit the link: https://bit.ly/3QNUCzK