Monday, May 9, 2011
Response for SME Accounting Standards Beyond Expectation
Marshall added that there were “no huge surprises” because of the level of consultation that was held during the past few months. He continued to say that it will also take some time to digest all the contributions.
The respondents were concerned mainly on the efforts to simplify the FRSME. This can be done by removing some of the options available under the full IFRS. Revaluation and development cost capitalization are included in the options. These are of particular concern to small groups and housing organizations.
According to Marshall, another point of contention involves the distinction between the users of FRSME and the users of the full IFRS. Pension funds, among others, are questioning why they are forced to use the more complex standards. They insist on sticking to the simpler rulebook.
As the ASB shall be working on responses, updates will be posted online. According to Marshall, it may take until autumn to examine all the themes but a full report will be available in late 2011.
News and Image Source: Accountancy Age »