IFAC welcomes SME Reporting Standard
13 July 2009
This standard represents a very significant step on the path to global convergence of financial reporting practices by SMEs and will assist SMEs in gaining access to finance.
The International Federation of Accountants (IFAC) and its Small and Medium Practices (SMP)Committee welcome the release of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) by the International Accounting Standards Board (IASB). IFAC encourages its 157 member organizations to carefully consider how to use the standard in their respective jurisdictions.
"This global accounting standard represents a very significant step on the path to global convergence of financial reporting practices by SMEs. It will contribute to enhancing the quality and comparability of SME financial statements around the world and assist SMEs in gaining access to finance," remarks IFAC Chief Executive Ian Ball, adding, "The beneficiaries will be not only SMEs, but also their customers, clients, and all other users of SME financial statements."
© IFAC
