SMEs must adopt new accounting standards immediately: Grant Thornton

The new International Financial Reporting Standard for small and medium-sized enterprises (IFRS for SMEs) will transform the way many Australian unlisted businesses prepare their accounts and needs to be adopted immediately said Grant Thornton Australia.

IFRS for SMEs provides a substantially simplified set of internationally recognised accounting principles for private companies, and will benefit both businesses that operate locally and internationally, as well as sections of the government sector, and not-for-profits.

Matt Adam-Smith, mational head, audit & assurance services with Grant Thornton Australia, said the new IFSR will provide SMEs with a “significant reduction in the costs of preparing financial statements,” along with making financial statements much easier to understand.

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