Comprehensive Review of the IFRS for SMEs: terms

27 October was deadline for comments on the second Comprehensive Review of the IFRS for SMEs.

Our team (SME UA NvD Platform) raised the issue of abandoning the term “SME”. We offered use name “private entity” or “non-public entity”.

It is gratifying that FRC experts also drew attention to the problem of terminology.

They recommend that the Board reviews the appropriateness of the title of the IFRS for SMEs Standard – they recommend using the term ‘non-publicly accountable’ in the title of the Standard. They explained: “What makes an entity ‘non-publicly accountable’ is clearly defined and more accurately reflects the intended scope of the Standard”.

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