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If a company reports its financial statements in accordance with IFRS and subsequently decided to move to IFRS for SME. It could be wrong selection of reporting framework and users do not find reason for using IFRS.

Is this allowed and if yes, what guidance is there available for company to apply?

if your local law allows it and you satisfy the definition of SME, then you can do it

https://cdn.ifrs.org/-/media/feature/su ... ule-35.pdf

Thank you Marek.

in Poland, for example, IFRS for SME is not endorsed, SMEs must choose between full IFRS and Polish GAAP

IFRS for SME not permitted in UK - because 'UK GAAP' is based on IFRS for SMEs, but with certain modifications based on historic uk rules.

I think that there should be one more solution for SMEs that are subsidiaries of listed entities: full IFRS but with limited disclosure requirements. This way they would be able to use the same accounting policies as the group, but without the onerous disclosure requirements

We have exactly that, called FRS 101 (FRS 102 being UK GAAP). FRS 101 is full IFRS but reduced disclosure for subsidiaries.

didn't know that! this is something the EU should do as well, and even it wouldn't be a bad idea for the IASB to incorporate something like this into full IFRS

definitely better practical things they can do ahead of a new regulated rate standard - I see that's today's news...

yep, 've seen this accouncement...

I'm reading latest IASB update and here we are

https://www.ifrs.org/news-and-events/up ... ry-2021/#3
https://www.ifrs.org/projects/work-plan ... ries-smes/