Introduction

Background

The International Accounting Standards Board (Board) is carrying out a comprehensive review of the IFRS for SMEs® Standard. To gather views on its approach to this review, the Board published a Request for Information: Comprehensive Review of the IFRS for SMEs® Standard accompanied by a Snapshot in January 2020.
The user survey

The Board’s aim is to get a balanced view by consulting a broad range of stakeholders. This user survey forms part of the Board’s outreach activities. The user survey is expected to provide valuable insight into the information needs of users of small and medium-sized entities (SMEs) financial statements and will help the Board in updating the disclosure requirements of the IFRS for SMEs Standard. In developing the IFRS for SMEs Standard the Board identified the following main groups of external users:

  • banks that provide loans to SMEs;
  • vendors that sell to SMEs and use SMEs’ financial statements to make credit and pricing decisions;
  • credit rating agencies and others that use SMEs’ financial statements to rate SMEs;
  • customers of SMEs that use SMEs’ financial statements to decide whether to do business; and
  • SMEs’ shareholders that are not also managers of their SMEs.

The user survey is divided into three Parts, as follows:

About you contains questions about you and your organisation.
Part A contains questions on the framework the Board developed for the comprehensive review of the IFRS for SMEs Standard.
Part B contains questions to help the Board understand the needs of users of SMEs’ financial statements. These views will influence the Board’s approach, if and when, it updates the disclosure requirements of the IFRS for SMEs Standard.
Answering the user survey

The Board invites comments on the questions in Part A and Part B of the user survey. In responding, you:

  • are required to complete the ‘About you’ section. All mandatory questions in this section are marked with an asterisk.
  • need not answer or comment on all the questions in Part A or Part B. You have the option to skip to the next section (where necessary) within each part.
The user survey should only be completed by users of SMEs financial statements, such as financial institutions lending to SMEs, credit rating agencies, venture capital firms funding SMEs and investors in SMEs. A respondent who is not a user should complete the main online survey.

Estimated time to complete

The response time may vary depending on the level of detail you provide. You do not need to complete the survey in a single sitting, you can return later to edit your response using the same device and web browser. No survey will be complete, and no survey will be considered until it has been submitted.
Completing the user survey

You may need to refer to the following supporting documents to help you complete the user survey:
By submitting personal information and opinions in this survey you accept that the IFRS Foundation may use such data for activities relating to the review and possible amendment of the IFRS for SMEs Standard. Data provided will be used internally by the IFRS Foundation, and some data will be published in Board papers and discussed at public Board meetings. Where published in Board papers or discussed at Board meetings any personal data will be aggregated and anonymised; quotes may be published from responses but without name or organisation. Responses submitted will be retained by the IFRS Foundation as part of its project record. The IFRS Foundation may use your email address to contact you about your response.
Deadline

The Board will consider all responses received by 27 October 2020.
 
14% of survey complete.

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