News archive: Field testing for IFRS for...
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EFAA has been asked by the IASB to participate in its field testing project that consists in testing in practice the IFRS for SMEs by applying them to real small and medium-sized companies. The EFAA Board, at its last meeting in October, has decided to undertake the tests as it believes that the project is essential for EFAA, especially in the light of the doubts and reservations expressed by many stakeholders with regard to the proposed draft standard. The field testing exercise will consist in preparing a set of annual accounts in accordance with IFRS for SME draft and to collect information about the problems and/or issues encountered while preparing the statements. The EFAA initiative will be coordinated by Prof. Aldona Kamela-Sowinska, the chairperson of the EFAA Accounting Expert Group. EFAA believes that the experience gained by carrying out the tests will be useful to create the basis for future in-depth debate within EFAA on harmonization constrains and the preferred way forward. |