SMEs need support before regulation, says IFAC

Robert Bunting, president of the International Federation of Accountants (IFAC)spoke out in favour of IFRS at a recent visit to the World Bank in Washington, but said SMEs would need special support to reduce the burden of legislation.

Bunting said that the global accounting profession should move decisively to implement a single set of high quality international financial reporting and auditing standards with the support of the World Bank.

“Implementation is vital to strengthening global financial systems, especially during this time of economic crisis,” stated Mr. Bunting.

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