Confusion over definition of SME in IASB accountancy standards
Accountancy experts have raised concerns about the definition of a small or medium-sized business in the International Accounting Standards Board's recently-released accounting standards for small firms.
Speaking to Accountancy Age magazine, a representative of the Institute of Chartered Accountants in England and Wales (ICAEW) points out that the new standards do not define what an SME is, which could be problematic as the definition of a small business differs between countries. He added that this could lead to problems for firms that operate in different countries.
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