(DTT comment letter - Discussion Paper Preliminary Views on 205)

Hill House 1 Little New Street London EC4A 3TR UNITED KINGDOM Tel: National +44 20 7438 3000 Direct Telephone: +44 20 7007 0907 Direct Fax: +44 20 7007 0158 www.deloitte.com www.iasplus.com 10 September 2004 Sir David Tweedie Chairman International Accounting Standards Board 30 Cannon Street London EC4M 6XH UNITED KINGDOM Discussion Paper - Preliminary Views on Accounting for Standards for Small and Medium-sized Entities Dear Sir David, Deloitte Touche Tohmatsu is pleased to comment on the International Accounting Standards Board’s (IASB’s) Discussion Paper Preliminary Views on Accounting for Standards for Small and Medium-sized Entities (the Paper). We believe that this consultation is timely as it will allow the IASB to consider the comments and to amend, as appropriate, its preliminary views before proceeding to an exposure draft stage. We have serious reservations about certain aspects of this project, which we detail in the appendix to this letter. In our view, if the IASB were to continue the project based on its preliminary views, then the resulting standards for small and medium-sized entities (SMEs) would be of limited practical use, would not address the needs of SMEs and would not reduce significantly the number of separate accounting regimes for SMEs around the world. We believe that this SME project is very important politically for the IASB’s standing around the world. The Board’s ...