The third edition of the IFRS for SMEs Standard applies from 1 January 2027, but accountants need to prepare now. In this final article, we look at the new Section 7 cash flow disclosures and the practical steps needed to move clients from the old standard to the new one.

Accounting standards rarely make headlines, but the latest update to IFRS for SMEs is one of the most significant changes in years. With major revisions to revenue recognition, business combinations, consolidation, financial instruments, and fair value measurement, accountants and business owners need to start preparing now. The transition period is already underway, and those who understand the changes early will be best positioned to guide their clients through what comes next.