IFAC lends its support to the IFRS for SMEs

  • IFRS for SMEs (mid blue) Image

27 Feb 2007

At its meeting last week in New York City, the Board of the International Federation of Accountants (IFAC) agreed to assist the International Accounting Standards Board (IASB) in obtaining feedback on its proposed International Financial Reporting Standard (IFRS) for Small and Medium-sized Entities (SMEs) through field testing and other means.

At the meeting, Paul Pacter, IASB Director of Standards for SMEs, outlined the proposed IFRS for SMEs. "Among other matters, Mr. Pacter urged all Board members and regional accountancy organizations to encourage responses from their respective constituencies on the proposed standard and perceived challenges to its adoption."

IFAC President Fermin del Valle stated: IFAC is highly supportive of this project and recognizes the considerable progress made. To ensure that the final standard meets the needs of the SMP/SME marketplace, it is crucial that IFAC and its members help the IASB seek out and capture the views of all relevant constituents, primarily SMEs, SMPs, and users of SME financial statements.

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