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Practical strategies: IFRS and the small public company
A small or medium-sized public company (one that has equity instruments that are traded in a public market) is in a difficult position. It shares many of the challenges that confront other small and medium-sized entities – limited staff, limited access to professional resources, and a disproportionate cost of complying with financial reporting standards. Yet it cannot apply the IASB’s International Financial Reporting Standard (IFRS) for Small and Medium-Sized Entities (the SME standard). The IASB concluded that the SME standard is not appropriate for companies with public accountability. This article explores some strategies that may help the manager of a small public company to cope with the challenges of reporting using International Financial Reporting Standards (IFRSs).
Introduction
It might seem at first that the IASB staff lacks the perspective to talk about practical strategies. After all, we operate in an environment that is often dominated by big accounting firms and big companies. However, we have the advantage of speaking with all kinds of companies and, we hope, appreciating their particular problems. Some of us have practice experience that included small public compani...