Before we start talking about the proposed amendment to the standard, could you tell us briefly what sort of messages you're hearing about the third edition?

Yes, and we heard a lot of feedback while we were developing the third edition and around the time the standard was issued, but it's slightly quieter now as SMEs get themselves familiar with what's in the new edition and before they start applying it.

I think there were two overriding messages that we heard.

Firstly, we heard keep it simple.

There was a real passion for the IASB's commitment to keep the standard simple.

There are two examples in this review where the IASB have kept things simple.

One example is the standards has not been updated for IFRS 16 on lease accounting, perhaps because it's a bit too soon to understand the full effect on public companies.

It's out of the ordinary though, isn't it, for the IASB to look at amending the standard outside the normal cycle of periodic reviews?