ACCA welcomes greater understanding of international financial reporting standards for SMEs [CPI Financial]
(CPI Financial Via Acquire Media NewsEdge) ACCA (the Association of Chartered Certified Accountants) has submitted its response to the IASB's (International Accounting Standards Board) consultation on revising the IFRS for SMEs.
Proposals from the International Accounting Standards Board (IASB) to improve understanding, and avoid undue cost or effort in applying, the International Financial Reporting Standard for small and medium-sized enterprises (IFRS for SMEs), have been welcomed by ACCA (the Association of Chartered Certified Accountants).
The global body for professional accountants' Global Forum for Corporate Reporting responded to the IASB's consultation on the proposed amendments to the Standard. Although it is welcomed by the forum, it feels that the IASB could have gone further even in these early stages of the life of the IFRS for SMEs.
Richard Martin, ACCA's head of corporate reporting, said, "We discussed the proposals at great length in the Global Forum and we came to the conclusion that although the changes are in accordance with the IASB's aims for the current revision project, options which have received support are not being included on the grounds of complexity and the absence of a similar option in full IFRS.
"It would also be good if the IASB considers how IFRS for SMEs can help the smallest preparers further, as the Standard does still cover some potentially very large companies."
There will be approximately 80 countries across the globe that are eligible to adopt or adapt IFRS for SMEs into their legislations in the next year.
ACCA's full consultation response can be found at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2014/february/cdr1241.html
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