Many countries are unlikely to adopt new accounting standards for SMEs, because the rules are too complex
The International Accounting Standards Board has issued exposure drafts for the new standards, but the Association of Chartered Certified Accountants (ACCA) said this week that the rules will still be too complex for most small companies.
‘In some countries, the exposure draft is viewed as too complex and therefore only likely to be suitable for a relatively narrow band of larger, non-publicly accountable entities and not to genuinely small and medium-sized entities,’ the body said in its response to the consultation, which closes on Friday.
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