On September 08, 2020 STAREP regional program hosted the second virtual seminar “Comprehensive review of the IFRS for SMEs: STAREP’s countries consolidated response”. The webinar was held online via KUDO Platform.

The objective of the event was to discuss the preliminary feedback and responses provided by Armenia, Georgia and Ukraine with a view to developing a three-country consensus view on the IASB’s IFRS for SMEs Request for Information (RfI) to submit to the IASB. Because some categories of SMEs in these countries prepare financial statements in accordance with the IFRS for SMEs, it is particularly important that their voices are heard in the process of amending the IFRS for SMEs.

Regulators and national standard-setters from these three countries actively discussed each area covered by RfI and expressed their opinions based on country context and where it was appropriate, a consensus was reached. Finally, participants agreed to prepare a joint letter with their responses to the IASB (without diminishing the rights of others national institutions to develop their own comment letters to the IASB). Such consolidated response will likely be valuable to the IASB and have a greater impact.