The Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) issued the publication Accounting and Financial Reporting Guidelines for Small and Medium-sized Enterprises (SMEGA) – Level 3 Guidance after deliberations during its seventeenth and eighteenth sessions. At its twenty-third session, ISAR requested the UNCTAD secretariat to reconvene a consultative group to, inter alia, update the SMEGA Level 3 Guidance. Accordingly, a consultative group was reconvened. Revisions proposed by the consultative group were considered at the twenty-fourth session of ISAR. In concluding its deliberations on the proposed revisions, the twenty-fourth session of ISAR requested that the UNCTAD secretariat incorporate into the document presented at that session comments and suggestions received then, as well as additional comments that interested delegations would submit after the session. The session also requested that the UNCTAD secretariat reconvene a consultative group with a view to finalizing the proposed revisions. Accordingly, a consultative group was reconvened. The secretariat has prepared this note containing a revised version of the SMEGA Level 3 Guidance for consideration and finalization by the twenty-fifth session of ISAR.