Will Financial Reporting Standards for SMEs be successfully established?
It has been almost half a year after the end of comments for the standards of FRS for SMEs. There is no announcement from IFAC so far.
The other alternative, XBRL, is moving forward and may become the only required standards.
Is it so difficult to establish the global standards for financial reporting of SMEs? It may be so if they consider in details for all the different requirements among all countries. It is not so hard in my opinion. The top level standards should be in principle. It is not possible to deal with difference among a huge number of regions. That is not possible to do.
This situation is putting a burden to my project. That is why I have to dig deeper and be sure that my clients can meet any final turnout.
Certainly, there is no technical difficulty for me. The only concern is that how many SMEs intend to have true accounting reports.
The other alternative, XBRL, is moving forward and may become the only required standards.
Is it so difficult to establish the global standards for financial reporting of SMEs? It may be so if they consider in details for all the different requirements among all countries. It is not so hard in my opinion. The top level standards should be in principle. It is not possible to deal with difference among a huge number of regions. That is not possible to do.
This situation is putting a burden to my project. That is why I have to dig deeper and be sure that my clients can meet any final turnout.
Certainly, there is no technical difficulty for me. The only concern is that how many SMEs intend to have true accounting reports.
posted by F. H. Tong | 7:18 PM
1 Comments:
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