Final answer:
Revisions to IFRS for SMEs usually occur every few years following a comprehensive review, or when there are significant changes in the business environment. Textbooks on the subject may be updated annually to reflect these updates.
Step-by-step explanation:
Revisions for Small and Medium-sized Entities (SMEs) in International Financial Reporting Standards (IFRS) can take place periodically to reflect the evolving economic realities and changes in policies such as international trade, taxation, insurance, and other significant areas. These updates ensure that the accounting framework remains relevant and useful for entities using it. While the IFRS for SMEs is updated less frequently than the full IFRS standards, the International Accounting Standards Board (IASB), which is responsible for setting these standards, has established a process for reviewing and amending the IFRS for SMEs. According to this process, a comprehensive review is typically conducted every few years, with the first review having been completed in 2015.
As with other accounting standard updates, new revisions might occur when there is a clear need for changes due to developments in the business environment or to maintain consistency with full IFRS standards. In the interim between comprehensive reviews, the IASB may also issue narrow-scope amendments to address urgent issues. Additionally, authors might provide an open-ended explanation in textbooks regarding these standards to anticipate potential changes, and such textbooks may be updated annually to incorporate any new amendments or interpretations relevant to SMEs.