DTT members respond to EC consultation on the IFRS for SMEs
13 Mar 2010
The member firms of Deloitte Touche Tohmatsu (DTT) located in the European Economic Area (EEA) have submitted a joint response to the European Commission's consultation on the IFRS for Small and Medium-sized Entities.
We believe that the IFRS for SMEs is suitable for widespread use within Europe and for companies of any type and size, providing such entities are preparing general purpose financial statements. IFRS for SMEs is a high quality, global, principles-based standard that has been developed by specialists from around the world through an extensive consultative process and we believe its adoption would benefit users (by increased comparability of financial statements) and preparers (through reduced costs for groups of companies and economies of scale generally) and would serve to facilitate cross-border trade, services, including accounting and audit, and movement of capital. In the European context, we believe this can contribute to making the internal market a reality for smaller businesses as well as benefit the many companies not listed on a regulated market that do operate across borders in the EU. There may also be reduced costs for Member State standard setters. |
- Response of DTT EEA Member Firms to the Consultation (PDF 39k)
- Consultation Paper (PDF 58k)