As you may be aware the International Accounting Standards Board (the IASB) will commence shortly the next review of the IFRS for SMEs Standard.

The staff papers in this regard were published on the IFRS Foundation website on the 25^th of January 2019, and will be discussed at the February Board meeting. The staff papers can be accessed via the links below:

https://www.ifrs.org/-/media/feature/meetings/2019/february/iasb/sme-standard-review-and-update/ap30-ifrs-for-smes-project-plan.pdf

https://www.ifrs.org/-/media/feature/meetings/2019/february/iasb/sme-standard-review-and-update/ap30a-ifrs-for-smes-standard.pdf

The important objectives of this review project include:

• Revisiting and possibly amending the scope of the IFRS for SMEs Standard;
• Clarifying the nature of the IFRS for SMEs Standard including the relationship between the IFRS for SMEs Standard and the IFRS Standards;
• Incorporating ‘new’ IFRS Standards and amendments to IFRS Standards into the IFRS for SMEs Standard; and
• Considering other issues identified at an operational and application level on the IFRS for SMEs Standard.

1. this regard, ICPAU wants to encourage its members to participate in the process. The Institute is particularly interested in any views members may have regarding the IFRS for SMEs Standard as it operates in practice at the moment in Uganda.

Comments should be sent by email to standards@icpau.co.ug

Note:

The IASB expects to issue a Request for Information in July this year.