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Progress on International FRS for SMEs

Progress on International FRS for SMEs. IASB believes 95% of Companies are SME ’ s Standard published 2009 Who will it apply to? Entities that: (a) do not have public accountability; and (b) publish general purpose financial statements for external users. New UK Proposal.

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Progress on International FRS for SMEs

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  1. Progress on International FRS for SMEs • IASB believes 95% of Companies are SME’s • Standard published 2009 • Who will it apply to? Entities that: • (a) do not have public accountability; and • (b) publish general purpose financial statements for external users.

  2. New UK Proposal • IFRS for AIM & Quoted • FRS for companies in middle (UK version of IFRS for SMEs) • UK FRSSE small co’s • Plus reduced disclosure framework for Parent Company & Subsidiaries where group uses IFRS

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