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IFRSs are now permitted or required by over 140 countries. Except for countries that adopt...

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Accounting

IFRSs are now permitted or required by over 140 countries. Except for countries that adopt US GAAP, all developed economies now use IFRS. This has caused the IASB to focus on rolling out its IFRS for SMEs in developing economies and for unlisted companies more broadly. However, Australia did not adopt the IFRS for SMEs, preferring instead to institute its own approach in AASB 1060 General Purpose Financial Statements Simplified Disclosures for For-Profit and Not-for-Profit Tier 2 Entities (March 2021). Explain why Australia did not adopt the IFRS for SMEs. Do you agree?

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