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Look into special needs of SMEs: IFAC

Special Correspondent

CHENNAI: The International Federation of Accountants (IFAC) has appealed to standard setting organisations and regulators to consider "the unique needs of small and medium enterprises (SMEs) in developing their rules and regulations.''

At a meeting held in London recently, more than 30 chief executives of accountancy bodies and regional accountancy organisations around the world emphasized that goals of standard setters should be to develop "succinct, relevant and understandable guidance that eases the compliance burden on SMEs and ensures that benefits exceed costs,'' an IFAC release on its website quotes its President, Graham Ward as saying, The meeting pointed out that between 95 and 99.7 per cent of all businesses or employers in the European Union, the Asia-Pacific region and the U.S. were SMEs. Meanwhile, IFAC has scheduled the next meeting of its Developing Nations Committee on June 12 and 13 in Barbados.

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