Changes to IFRS for SMEs
The IASB made tentative decisions about, among others, not changing the IFRS for Small and Medium-Sized Entities (SMEs) to incorporate the latest changes to full IFRS but to align Section 29 Income Tax with IAS 12 Income Taxes.
The following changes that have been made to full IFRS may potentially filter through to IFRS for SMEs, but no amendments have been made to date:
- Business combinations;
- Joint arrangements;
- Fair value benefits and
- Employee benefits.
Section 29 Income Tax of the IFRS for SMEs will however be aligned with IAS12 Income Taxes from full IFRS, including the rebuttable presumption that the carry value of investment property carried at fair value will realise through sale.
For more information on this topic, please refer to the SAICA website: