Audit-Assur-vp-IFRS-SME

ViewpointAudit and assuranceAustralia has IFRS for SMEs“led” the world Wayne Basford, Partner, BDO Kendallsby applying Challenge areaIFRS to SMEs, The International Accounting Standards Board (IASB) is currently years ahead of undertaking a major project, developing a set of standards for Small and Medium-Sized Entities (SMEs).the SME project The IASB recognises that the current suite of IFRS are written for those entities preparing general-purpose financial statements and in the minds that is intended of the IASB this means large listed entities. The IASB have embarked on (but are still a way off completing) a major project writing a “small book” to be applied by SMEs. The IASB has left the application of the to significantly “small book” to the discretion of local regulators other than stating that it cannot be utilised by a listed entity or a deposit taker.ease the burden of applying the New perspectivesIf you think that we already have IFRS for SMEs, you will have come standards.. to that conclusion through struggling through the pages of the new standards in preparing or auditing 30 June 2006 financial reports. You must be aware however, that IFRS was only really written for listed companies and that in Europe IFRS has only been applied to consoli-dated group accounts of listed entities. Throughout the European Union the vast majority of European companies have continued to prepare their individual financial reports under local National GAAP ...