On 8 September 2022, the International Accounting Standards Board (IASB) published the Exposure Draft Third edition of the IFRS for SMEs Accounting Standard.
Accounting practitioners who are involved in the preparation of SMEs’ financial statements have been invited to field-test the revised requirements for accounting for revenue in the proposed Section 23 in the Exposure Draft.
The fieldwork is being conducted:
- to obtain feedback on whether the revised requirements for revenue from contracts with customers in the proposed Section 23 in the Exposure Draft are clear and understandable; and
- to understand if preparers of SME financial statements can make the judgements that would be necessary to apply the proposed revised requirements.
The results of the fieldwork will supplement the information that the IASB receives through its other outreach activities and through comment letters.
Participants in the fieldwork have been asked to answer a questionnaire which focuses on the key judgements that an entity is required to make under the proposed revised requirements for accounting for revenue.
Follow up calls will be arranged with fieldwork participants to discuss their responses. We aim to receive responses and make follow-up calls by April 2023.
How do I volunteer?
Practitioners who would like to take part in the fieldwork and receive a questionnaire should send an email outlining their interest to the project team.
Participants are not required to have any prior knowledge of IFRS 15 and will not be asked to prepare financial statements or disclosures in accordance with the proposed requirements.
The questionnaire and supporting materials are available in Spanish and English.
