Proposed Standard for Small and Medium - Sized Entities
Thursday, March 1, 2007
The International Accounting Standards Board (IASB) has issued an exposure draft that proposes an International Financial Reporting Standard for Small and Medium – Sized Entities (SMEs). The proposed standard reduces the volume of accounting guidance by eliminating topics that are not generally relevant to SMEs and provides suggestions for simplifying methods for recognition and measurement. A copy of the exposure draft can be found below. Comment letters from constituents are due for submission to the IASB by October 1, 2007. IMA’s Financial Reporting Committee submitted a comment letter that addressed all of the pertinent issues in the proposed standard. A copy of the comment letter can be found on IMA’s website.