January 2010

SME standards set for adoption across the globe

From Accountancy Age.

Hunting in packs is often the most effective way for the smaller guys to get their way. It is even the case in the gentrified world of accounting.
At least 35 countries have said they will use international accounting rules for smaller businesses within three years, which places pressure on the world’s developed nations to take on the new standards.

The countries – many from developing and emerging economies – have indicated they will either require or permit the use of the international financial reporting standards (IFRS) for small and medium-sized businesses (SMEs) by 2013.
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Paul Pacter, director of standards for SMEs at the International Accounting Standards Board (IASB), conducted the straw poll during a meeting of standard setters in September 2009 – just two months after the release of the new rules.

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