EU rejects IFRS for SMEs

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The European Unions commissioner for internal markets, Charlie McCreevy, has officially rejected the proposed IFRS standards for SMEs on the grounds they are too complicated. Rob Lewis reports

The standards proposed by the International Accounting Standards Board (IASB) represent a simplification of those required for listed companies. The SME standard runs to 260 pages, compared to the 1733 page equivalent for businesses that have gone public. However, Commissioner McCreevy made clear in March his feeling that the regulatory burden in the EU was already excessive. Last week he announced he was not going to endorse the standard at this stage.

The feedback we have received from member states, the European parliament and stakeholders is that the current IASB draft is not simple enough t...

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