PracticeAuditWong blasts IASB for neglecting SMEs

Wong blasts IASB for neglecting SMEs

Sam Wong, the newly appointed president of ACCA, has slammed the International Accounting Standards Board for overlooking the needs of smaller companies.

Link: ACCA on brink of finding chief exec

In an exclusive interview with Accountancy Age, Wong said that although the new international financial reporting standards were ‘desirable’, they were only geared towards the interests of listed companies.

‘We certainly would like to have more say in that area,’ he said. ‘If you want a standard to be globally applicable to all enterprises you have to take into account the SME’s interests.’

Isobel Sharp, chairman of the committee on accounting for smaller entities (CASE) and a partner at Deloitte & Touche, said that although the IASB had set up an advisory panel to do some research in the area, nothing had come out of it as yet.

‘All we can do is hope something sensible is done,’ she said.

Robert Garnett, chairman of the working party dealing with the matter at the IASB, said it would make sense to have an international listed language to allow small businesses to communicate, and that he expected the picture to be much clearer by the end of the year.

  • For a full interview with Sam Wong, see next week’s issue of Accountancy Age.

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