The International Accounting Standards Board (IASB) published on February 15, 2007 Exposure Draft of its International Financial Reporting Standard for Small and Medium-sized Entities ( IFRS for SMEs ) for public comment.
The aim of the proposed standard is to provide a simplified, self-contained set of accounting principles that are appropriate for smaller, non-listed companies and are based on full International Financial Reporting Standards (IFRSs), developed primarily for listed companies.
In order to assist companies in preparing accounts based on the proposed IFRS for SMEs the requirements of IFRSs have been simplified and redrafted using plain English where possible.
"Our goal has been to produce a standard for use by smaller and unlisted companies that offers the comparability of full IFRSs while reducing the burden on the preparing company." IASB Chairman David Tweedie said.
He added we are now actively seeking the views of companies, banks, the audit profession, and other interested parties as part of a broad consultation to see if we’ve taken out too much or not enough or if we’ve got it about right.
The Exposure Draft will be available on the IASB website starting February 26, 2007. The IASB invites comments on the Exposure Draft by 1 October 2007.
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
For more information please visit the following website: www.iasb.org