IASB set to clarify that SME standards are for private companies
The international accounting standard for SMEs is set to be rebranded as a standard for private companies.
The standard, which has caused confusion for many who have queried the definitions of small companies, could be revamped, said International Accounting Standards Board chairman, Sir David Tweedie.
Speaking to Financial Director magazine, Sir David said: ‘We’re thinking of changing the name to “private companies”.’
He indicated that the criticisms of the standard from Europe were not unduly worrying him. Emerging markets are keen on the standard ‘and we have a duty to them as well as the big [countries]’.
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