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IASB publishes draft reporting standards

Published On 16 February 2007 at 15:35:19

The International Accounting Standards Board (IASB) will publish an exposure draft of its international financial reporting standard (IFRS) for SMEs.

It is set to be eight times thinner than its predecessor, offering a more accessible guide for SMEs.

Based on IFRS, the proposed standard is intended as a simplified and self-contained accounting guideline for non-listed, small companies.

Reports in the Financial Times indicate that if adopted on a national scale, the new principles would "transform" the accounting practices of SMEs in emerging markets.

Sir David Tweedie, IASB chairman, said: "Our goal has been to produce a standard for use by smaller and unlisted companies that offers the comparability of full IFRSs while reducing the burden on the preparing company."

He added that the IASB was now seeking views from businesses, the audit profession and banks among others to ensure that the new draft is acceptable.

It follows a draft published on the issue in November 2006, which also invited comment from readers.

 

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