Environment remains a business priority, survey finds

News Article - 24 May 2012
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Proposals which will change how small to medium-sized enterprises (SMEs) report their finances are being prepared by the International Accounting Standards Board (IASB), a campaigner has claimed.

According to Richard Murphy, the IASB wants to make the reporting of SMEs' financial workings fairer, incorporating continual assessment of the worth of assets and investments as it stood at the time of accounts, Accountancy Age reports.

The IASB said that the changes would be easy to adopt and were necessary for the easy monitoring of SMEs by their users.

Tom Jones, the vice chair of IASB, told Accountancy Age: "If the standards are too weak, they won't be accepted. If they are too tough, they won't be applied. So we've been careful to choose the middle ground."

Charlie McCreevy, the European Union (EU) commissioner for internal markets, has said that the proposals must comply with EU guidelines, adding that only "simple, easy-to-apply standards will be acceptable".

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