The IASB has issued amendments to the IFRS for SMEs accounting standard — the standard for small- and medium-size entities that do not have public accountability. Changes to the standard are based on the amendments to IAS 12, Income Taxes, issued in May, according to a news release.
The amendments have resulted from the introduction of the Organisation for Economic Co-operation and Development's (OECD) Pillar Two model rules, the release said, mentioning that they follow "urgent calls from affected stakeholders".