Chief execs call for proportionate regulation

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Chief executives with accountancy bodies and regional accountancy organizations have urged standard setters and regulators to consider the unique needs of small and medium enterprises in developing their rules and regulations.

IFAC president Graham Ward said: "We believe the goals of standard setters like the International Accounting Standards Board (IASB) and the International Auditing and Assurance Standards Board (IAASB) should be to develop succinct, relevant and understandable guidance that eases the compliance burden on SMEs and ensures that benefits exceed costs.This essentially means that the costs of preparing, auditing and disseminating financial statements should be proportionate to the information needs of the financial statement users."

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