Critically Assess The Proposals To Introduce A Specialised Ifrs For Smes And Briefly Outline The Problems That Still Have To Be Resolved Before A Final Standard Is Published Later This Year.
In recognition of these concerns, the International Accounting Standards Board (IASB), which develops IFRSs, proposed to develop a “set of internationally recognised accounting standards, but ones less complex than full IFRS.” (ICAEW, 2007).
In developing SME IFRS, the IASB outlined five objectives of SME standards listed below:
(1) To provide high quality, understandable and enforceable accounting standards suitable for SMEs globally
(2) To focus in meeting the needs of users of SME financial statements
(3) Building SME IFRSs in the same conceptual framework as IFRS
(4) To reduce the financial reporting burden on SMEs that want to use global standards
(5) To allow an easy transition to full IFRSs for those SMEs that become publicly accountable (IASB, 2004, P5)
These objectives are also stated in the IASB press release stating that, “by removing choices for accounting treatment, eliminating topics that are not generally relevant to SMEs and simplifying methods for recognition and measurement... displayed 300 characters
Custom written essay
All essays are written from scratch by professional writers according to your instructions and delivered to your email on time. Prices start from $10.99/page
Your research paper is written by certified writers
Your requirements and targets are always met
You are able to control the progress of your writing assignment
You get a chance to become an excellent student!
Get a price guote
a self-contained set of accounting standards that would allow investors for the first time to compare SMEs financial performance across international boundaries on a like for like basis” (IASB, 2007), would be resulted.
SMEs represent a significant proportion of enterprise, in both, emerging and developed economies... displayed 300 characters
