CGA-Canada concerned about IASB's SME direction
23 Apr 2006
While expressing strong support for a global set of financial reporting standards for small and medium-sized entities (SMEs), Canada's Certified General Accountants has issued a Press Release (PDF 18k) expressing concern that the decisions made to date by the IASB in its Project to Develop Standards for SMEs do not go far enough toward achieving the goal of simplification.
There has been broad agreement in recent years that a set of stringent standards tailored to the unique needs of SMEs is necessary. Progress has been made by international standard setters toward reaching that goal. But recently, the International Accounting Standards Board (IASB) has wavered in its commitment to address the needs of the SME sector. The IASB's current direction is not acceptable to the users of SME financial statements. |