{"id":4300,"date":"2009-07-16T09:55:00","date_gmt":"2009-07-16T07:55:00","guid":{"rendered":"http:\/\/www.taxresearch.org.uk\/Blog\/2009\/07\/16\/who-is-the-iasb-kidding\/"},"modified":"2009-07-16T09:55:00","modified_gmt":"2009-07-16T07:55:00","slug":"who-is-the-iasb-kidding","status":"publish","type":"post","link":"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/07\/16\/who-is-the-iasb-kidding\/","title":{"rendered":"Who is the IASB kidding?"},"content":{"rendered":"<p>The IASB has issued a two page plus new accounting standard for small and medium sized enterprises. As <a href=\"http:\/\/www.accountancymagazine.com\/croner\/jsp\/Editorial.do?BV_SessionID=@@@@1096093998.1247244341@@@@&amp;BV_EngineID=cccfadehhdjeikgcflgceggdfnfdgfg.0&amp;channelId=-305535&amp;contentId=1295086\" target=\"_blank\">Accountancy<\/a> says:<\/p>\n<blockquote>\n<p>The international standard-setter has today published its long-awaited International Financial Reporting Standard for SMEs after five years of consultation on the standards.<\/p>\n<p>The International Accounting Standards Board aimed to produce a standard which is less complex than full IFRS and which would improve comparability for SME users of accounts, who comprise 95% of businesses.<\/p>\n<p>Commenting on the standard, IASB chairman Sir David Tweedie said: \u00e2\u20ac\u0161\u00c3\u201e\u00c3\u00b2For the first time, SMEs will have a common high quality and internationally respected set of accounting requirements. We believe the benefits will be felt in both developed and emerging economies.&rsquo;<\/p>\n<\/blockquote>\n<p>That is ludicrous. These things are too complex for developed economies \u2014 in developing and emerging economies they would represent madness \u2014 and add no value at all to users or tax authorities. These countries should adopt the <a href=\"http:\/\/www.unctad.org\/en\/docs\/diaeed20092_en.pdf\" target=\"_blank\">UN&rsquo;s SMEGA \u2014 Accounting and Financial Reporting Guidelines for Small and Medium-sized Enterprises.<\/a> These make vastly more sense \u2014 and are short, comprehensible, sensible and appropriate.<\/p>\n<p>Just about the opposite of the IASB offering. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The IASB has issued a two page plus new accounting standard for small and medium sized enterprises. As Accountancy says: The international standard-setter has today<br \/><a class=\"moretag\" href=\"https:\/\/www.taxresearch.org.uk\/Blog\/2009\/07\/16\/who-is-the-iasb-kidding\/\"><em> Read the full article&#8230;<\/em><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26,66],"tags":[],"class_list":["post-4300","post","type-post","status-publish","format-standard","hentry","category-accounting","category-iasb"],"_links":{"self":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/4300","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/comments?post=4300"}],"version-history":[{"count":0,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/posts\/4300\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/media?parent=4300"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/categories?post=4300"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.taxresearch.org.uk\/Blog\/wp-json\/wp\/v2\/tags?post=4300"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}