NEW YORK- The Small and Medium Practices (SMP) Committee released on January 7, 2008 a research paper discussing whether the proposed International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), developed by the International Accounting Standards Board (IASB), is suitable for micro-entity financial reporting.
The paper, entitled “Micro-Entity Financial Reporting: Some Empirical Evidence on the Perspectives of Preparers and Users"
The paper suggests that the current exposure draft of the IFRS for SMEs appears to be too complex for micro-entities. Therefore, prepares suggested to developing guide on how to use IFRS for SMEs divided into two parts
The first part would be concise easy for business owners to follow and understand and the second part will be a technical version for preparers of financial statements.
SMP Committee represents the interests of professional accountants operating in small and medium-sized practices and other professional accountants who provide services to small and medium-sized enterprises.
For more information please visit the following website: www.ifac.org