As part of the ongoing review of its Accounting Directives the European Commission has instigated a consultation seeking views from stakeholders on the IASB’s IFRS for SMEs. Comments are requested by 12 March 2010.
Meanwhile there have been calls to accelerate the adoption of the new standard in the UK. At the moment we are in a consultation period about the future of UK GAAP which could lead to the use of the IFRS for SMEs for non-publicly accountable entities in the UK by 2012. Some think that the implementation date should be brought forward by at least a year to co-incide with HMRC and Companies House changes re XBRL.
Does anyone have a view on the use of the IFRS for SMEs globally or UK / European implementation especially with regard to co-ordination with XBRL implementation?
Hi Nick,
I don't want to sound like a prophet of doom, but given the public sector's reputation for messing up IS projects and HMRC's reputation, I suspect that aligning the changes could overload both SMEs and HMRC simultaneously.
I should therefore prefer to see the dates kept apart.
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