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.

Since the early 1970’s, International Financial Reporting Standards (IFRS) have been in place in order to meet the needs of companies whose securities trade in public capital markets. In recent years, these full IFRS have been adapted by small and medium entities (SMEs), in tandem with some SMEs using other outdated or different accounting standards. 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......

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Title: 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.
Approximate Word Count: 2846
Approximate Pages: 12 (250 words per double-spaced page)

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