IFRS for SMEs are designed for entities without public accountability that publish general-purpose financial statements.

IASB has released the third edition of the IFRS for SMEs Accounting Standard, marking the completion of its second comprehensive review. The revised edition enhances alignment with full IFRS Accounting Standards while maintaining a simplified structure. The below targeted modifications have been made to ensure the standard remains proportionate and user-friendly for entities with limited resources.

In addition to the major revisions in Section 23 Revenue from Contracts with Customers to align with IFRS 15, the IASB has postponed aligning lease accounting with IFRS 16 Leases, deferring it to a future review.

Effective date

The revised IFRS for SMEs Accounting Standard is effective for annual reporting periods starting on or after 1 January 2027, with early adoption permitted.

How we can help

Our expert financial accounting advisory teams bring practical insights and global experience to support your needs. Feel free to contact us for more information.

Making tax digital (MTD) is a tax administration strategy that requires self employed individuals and landlords to keep digital records and send quarterly updates (unadjusted summaries of income and expenses) to HMRC via approved software.

The goal of MTD is to enhance record-keeping and help reduce the tax gap by ensuring accurate tax submissions. According to HMRC, a significant portion of the tax gap —amounting to £5 billion —results from errors and poor record-keeping.

MTD start date and income thresholds

MTD will be implemented in phases, with the start date depending on the taxpayer's combined income from self-employment and/or property.

(*) The income thresholds are based on total combined turnover (not profit) from self-employment and/or property income. Personal income from other sources like employment (PAYE), dividends, or bank interest does not count towards MTD mandation.

Quarterly updates

Quarterly updates to HMRC will follow the tax year's start date of 6 April, but individuals can choose to align updates with the start of a month, like 1 April, if preferred. The deadlines for quarterly updates will be 5th following the end of the relevant quarter. See below.

Year-end final declaration

At year-end, clients finalize their tax position through a quicker digital return, incorporating data submitted during the year and auto-populated info from HMRC. Any personal income not held by HMRC (e.g., dividend income) is added at year-end. Tax and accounting adjustments can be made at any time before the final "declaration," confirming the information is accurate and complete.

MTD software

All mandated taxpayers must use MTD compatible software (or a digitally linked set of compatible software) to: (1) keep digital records; and (2) submit quarterly updates to HMRC. See the link for MTD-compatible software details

Early participation in MTD testing phase

Individuals can choose to join the MTD testing phase early (now), allowing them to get acquainted with the system before it becomes mandatory in 2026.

Get support

Apex Global Consulting Services helps clients comply with MTD by selecting compatible software, maintaining digital records, submitting quarterly updates, and finalizing year-end returns. We also provide training to ensure a smooth transition ahead of the 2026 mandate. Contact us to help guide you through the process with ease.

Saudi Arabia’s Green Financing Framework sets a regional benchmark for integrating sustainable finance with national development priorities. By bridging the gap between environmental commitments and capital markets, it unlocks investment in green infrastructure and demonstrates how oil-rich nations can lead in the fight against climate change.

Discover the core objectives and transformative impact of the framework in the attached file.