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Comment Letter - IFRS for SMEs Consolidation Exemption
EY has issued a comment letter to the IASB in response to its Exposure Draft to amend the IFRS for SMEs standard's consolidation exception.
EY agrees with the International Accounting Standards Board’s (IASB) proposed amendment to extend the consolidation exemption to be similar to the exemption in IFRS 10 paragraph 4(a).
This publication summarises the key amendments to the IFRS for SMES accounting standard, following the issue of the third edition of the standard on 27 February 2025. The amendments and new requirements reflect alignment with IFRS accounting standards where considered relevant to small and medium-sized enterprises, with simplifications to serve the needs of users without creating undue cost or effort for preparers.
The third edition of the IFRS for SMEs standard becomes effective for reporting periods beginning on or after 1 January 2027.