Introduction

On 27th February 2025, the IASB released the third edition of the IFRS for Small and Medium-sized Entities. The name of the Standard has been changed and it should now be referred to as the “IFRS for SMEs Accounting Standard”.

This updated standard will be effective for periods starting on or after 1st January 2027, with the option for early adoption. The primary objective of the review was to align the Standard with IFRS Accounting Standards while maintaining simplifications.

Changes were made to all sections of the Standard. However, most of these changes were minor edits and rephrasing for clarity.

Our latest newsletter looks into the significant changes made and areas where differences remain with IFRS Accounting Standards.

 

Caveat

This newsletter has been prepared by RSM Eastern Africa LLP, and the views are those of the firm, independent of its directors, employees and associates. This newsletter is for general guidance, and does not constitute professional advice. Accordingly, RSM (Eastern Africa) Consulting Ltd, its directors, employees, associates and its agents accept no liability for the consequences of anyone acting, or refraining from acting, in reliance on the information contained herein or for any decision based on it. No part of the newsletter may be reproduced or published without prior written consent. RSM (Eastern Africa) Consulting Ltd is a member firm of RSM, a worldwide network of accounting and consulting firms. RSM does not offer professional services in its own name and each member firm of RSM is a legally separate and independent national firm.

 

Download Newsletter - IFRS for SMEs Changes