The
International Accounting Standards Committee (IASC) Foundation
published its second batch of training material for the International
Financial Reporting Standard for Small and Medium-sized Entities (IFRS
for SMEs). The training material is designed to assist
companies and accountants in applying the standard. The remaining
material will be published in the course of this year as it is
completed. The free material is available for download from go.iasb.org/smetraining.
Global accountancy leaders support the International Federation of
Accountants’ (IFAC) recommendations to intensify its efforts to
strengthen small- and medium-size enterprises (SMEs) and accounting
practices (SMPs), according to an IFAC press release.
IFAC recently convened a meeting of the chief executives of more than 40 accountancy organizations to discuss how to further alleviate the challenges arising from the recent global financial crisis—also identified in a 2009 survey conducted by the organization. The following areas were at the top of the list for those who attended IFAC’s annual meeting:
- Expand monitoring of global regulatory reform to ensure its suitability for SMEs and SMPs;
- Increase the visibility and voice of SMEs and SMPs; and
- Collaborate with IFAC member bodies to offer guides and resources to provide practical assistance to SMPs.
The chief executives also agreed that IFAC should consider how to increase the participation of SMEs and SMPs in its standard-setting activities.
The IFAC Board will consider the input received as it develops its strategic plan for 2011–2014.
