The push for one global set of accounting and auditing standards is creating big problems for small and medium-sized enterprises in many countries because the standards that are being promulgated are too complex for SMEs.
When, after the 1997 east Asian economic crisis, influential organisations, including the World Bank and securities regulators, pressed harder for common accounting and auditing practices around the world, the accountancy profession took up the challenge.
International standard-setting bodies for audit and accounting did, in fact, already exist, operating under the aegis of the International Federation of Accountants, a members' organisation of 160 professional accountancy bodies and the large firms.
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