ACCA welcomes completion of IASB’s ‘most important project’ for SMEs
15 July 2009
Despite concerns by many that the new simplified standard, which still runs to more than 200 pages would be too complex for small businesses to use, ACCA’s own research shows little concern in this area.
The International Accounting Standards Board’s (IASB) new standard for small and medium sized enterprises will have a significant impact on millions of companies around the world, says ACCA (the Association of Chartered Certified Accountants) in welcoming the announcement.
Despite concerns by many that the new simplified standard, which still runs to more than 200 pages, would be too complex for small businesses to use, ACCA’s own research shows little concern in this area.
Richard Martin, Head of Financial Reporting at ACCA, said: “We are delighted that the IASB has completed its most important project after five years’ work. It comes at a critical time, because it will mean that countries will be able to apply IFRS to companies of all sizes and not need to operate two systems of financial reporting, with one for large listed companies and another for smaller or unlisted privately owned companies.”
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