The International Accounting Standards Board issued an update Thursday to the International Financial Reporting Standard for Small and Medium-sized Entities Accounting Standard which aims to balance the needs of leaders and users of SMEs’ financial statements with resources available to SMEs. 

The standard, currently required or permitted in 85 jurisdictions, defines SMEs as entities without public accountability that prepare general purpose financial statements.

A result of a periodic and comprehensive review of the standard, the update includes: 

• a revised model for revenue recognition;
• bringing together the requirements for fair value measurement in a single location; and,
• updating the requirements for business combinations, consolidations and financial instruments.

“The update to the IFRS for SMEs Accounting Standard will improve the information provided to users of SMEs’ financial statements while maintaining the simplicity of the standard,” said IASB chair Andreas Barckow in a statement. 

This update is effective for annual periods beginning on or after Jan. 1, 2027, with early application permitted.

Springline Advisory, a private equity-backed financial and business advisory firm, has partnered with EFPR Advisory, an accounting and business consulting firm based in Rochester, New York.

With this partnership, Springline expands its geographic footprint into the Northeast and strengthens its international tax, business valuation, litigation support, forensic accounting, financial audit and tax compliance services. This grows Springline’s firm to more than 500 colleagues across the U.S., and EFPR will be represented on Springline’s Advisory Council.

“This partnership represents an opportunity to enhance our operational capabilities while honoring our core values,” Jim Marasco, EFPR’s managing partner, said in a statement. “By joining forces with Springline, we’re gaining access to advanced tools and resources that will drive innovation in both our client services and internal processes. This powerful combination allows us to expand our market reach and service offerings while maintaining our commitment to our team’s growth and work-life balance.”

EFPR Advisory

Springline was created by private equity firm Trinity Hunt Partners in Dallas in January 2024. Its first investment was in MarksNelson, a Kansas-based firm. Springline added BGBC Advisory in Indianapolis in February 2024. It added two more firms in December: Dallas-based HM&M Advisory and Redmond, Washington-based Clark, Raymond & Co. Earlier this year it partnered with Fiske Advisory, based in South Florida.

EFPR is an Accounting Today Regional Leader for the Mid-Atlantic region. It reported $36 million in revenue in 2024, with 29 partners, nearly 200 employees and four offices across Rochester, Buffalo and Corning, New York, and in Jupiter, Florida. Through an alternative practice structure, the firm offers tax planning, audit and compliance, forensic accounting, business valuation and M&A support services. 

“EFPR’s addition to Springline represents a strong alignment of culture and strategic vision,” Tim Brackney, CEO of Springline Advisory, said in a statement. “Their robust market presence, combined with their complementary service capabilities, creates significant cross-selling opportunities across our expanding geographic footprint. EFPR’s dedication to client care and service excellence alongside their enviable culture that puts people first, aligns perfectly with our mission to become the premier accounting and advisory firm serving the middle market.”