The EU’s chief accounting body has found new international accounting rules
aimed at more than 90% of businesses are incompatible with EU directives.
European Financial Reporting Advisory Group this week released the outcome of
its investigation into the compatability of international accounting rules
for small and medium sized businesses (SME).
The International Accounting Standards Board released a set of rules for SMEs
in July 2009. Within six months 35 nations indicated they would adopt the rules,
however progress stalled in Europe which investigated compatibility with EU
EFRAG’s eight month inquiry has found the rules are incompatible in a number
of areas including accounting for good will, extraordinary items and financial
International rules for SMEs were put together in part to improve the flow of
capital to emerging markets and has been welcomed by developing nations.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Improvements to cashflow statements are being targeted in a consultation launched by the Financial Reporting Council (FRC)
Two new audit partners have been appointed at the firm BDO in its audit practice following continued growth and investment
Investment in people, tech and businesses impacts on EY's profit per partner figure