NEW YORK- The International Accounting Standards Board (IASB) launched on June 18, 2007 a program for field testing on the proposed International Financial Standards (IFRS) for the Small and Medium Sized Entities (SMEs) to determine whether the proposed IFRS for SMEs is likely to meet the needs of users and preparers of micro-entity financial reports. The proposed IFRS was prepared by the Small and Medium Practice Committee (SMP).
The research findings will be used in developing IFAC's response to the proposed IFRS for SMEs and will be summarized in an information paper to be released in late 2007.
In addition to that the SMP Committee is also developing a non-authoritative explanatory guide to help practitioners around the world understand, comply with, and apply International Standards on Auditing (ISAs) to the audits of SMEs. The final guide should be available in the fourth quarter of 2007.
IASB is committed to developing in the public interest a single set of high quality global accounting standards.
The International Center for Small and Medium Practices (SMPs), hosted by IFAC's Small and Medium Practices Committee, provides resources and facilitates the exchange of knowledge and best practices among SMPs and other accountants who serve small and medium entities (SMEs).
For more information please visit the following website: www.iasb.org