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European Federation of Accountants and Auditors for SMEs.

Accounting: Accounting overview

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The accountancy profession faces an ever changing environment. At international level, the development of International Financial Reporting Standards (IFRS) is one of the main challenges. At European level, their implementation is at stake. EFAA has a particular interest in the proposed international solutions for SME accounting, including the one authored by the International Accounting Standards Board. The modernisation of the European accounting rules (4th and 7th Directives) is another important issue open for debate. In both cases, improving the quality, comparability and transparency of companies' financial information is of the utmost importance. However, it is our obligation to play a watchdog role with regard to securing that a right balance is kept between costs and benefits of the proposed solutions.

The needs of SMPs and SMEs differ from those of large companies. EFAA plays an active role to better represent and defend their interests. We participate in several international and European technical and advisory committees, such as the European Financial Reporting Advisory Group (EFRAG) and several International Financial Accounting Committee's Consultative Advisory Groups.

EFAA has also set up an expert group on accounting.

Main issues:
- IFRS for SMEs
- Simplification of the EU legislation on company law, auditing and accounting

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