IASB's Paul Pacter Writes On IFRS For SMEs In Financial Executive Magazine
Sept. 4, 2009
Paul Pacter, director of Standards for Small and Medium-Sized Entities for the London-based International Accounting Standards Board, has authored an article on IASB's new standard, IFRS for SMEs [International Financial Reporting Standards for Small and Mid-Sized Entities]. The article, IFRS For MOST Private Companies Goes Live, is appearing in the September 2009 issue of Financial Executive magazine, highlights the new standard.
As noted in the opening paragraphs of Pacter's article, IFRS for SMEs, published by the IASB in July:
is intended for any entity that does not have public accountability,which means that its securities do not trade in public markets and it is not a financial institution (such as a bank or insurance company). Full IFRS are designed for entities with public accountability. IASB uses SME as the name for entities eligible to use the new standard; in other places, such entities are referred to as “private entities” or “non-publicly accountable entities.”
is a standalone pronouncement of 230 pages that sits alongside the full set of IFRS now used in more than 100 nations. IFRS for SMEs is built on full IFRS foundations, but with simplifications that reflect how SMEs’ financial statements are used and cost-benefit considerations.
Read the full article.
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