SME to give feedback on accounting rules

Proposed changes to accounting standards

Small and medium enterprises (SMEs) have been asked to give their feedback for a new financial reporting standard by the International Accounting Standards Board.

The Board is considering a simpler accounting standard for SMEs which will cut the accounting load for small businesses by more than 85%, said industry sources. However, it could also make it more difficult when the firms decide to list on the stock market.

Local businesses have till 1 September to give their feedback.

Source: “SMEs urged to give feedback on financial reporting standard“, Channel News Asia, 7 June 2007