# International Accounting Standards Board (IASB) today (15 February) issues proposed new IFRS for non-publicly accountable entities or small and medium enterprises (SMEs)
# a single set of global financial reporting standards for SMEs
# national jurisdictions to decide which businesses will use the standards
Following a long debate over whether the same financial reporting rules should be applied to both listed and unlisted entities, the IASB have developed a proposed IFRS for businesses that publish general purpose financial statements but that are not publicly accountable.
A positive move?
April Mackenzie, Executive Director Global Standards, Grant Thornton International comments:
"This is a very positive move. Good financial information is extremely important and beneficial. But there is a huge demand for a level of reporting less onerous than full IFRS for non-publicly accountable entities. The users of financial information in the non-publicly accountable sector don't have the same requirements as users of listed company financial statements.
See full Press Release.
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