CONSENSUAL AND CONTROVERSIAL ISSUES ON
CONSENSUAL AND CONTROVERSIAL ISSUES ON

Summary/Abstract: The “IFRS for SMEs” is expressly designed to meet the financial reporting needs of private entities. In this paper, we present the arguments for undertaking this project by IASB, discussing priority issues like as the users' needs, the cost-benefit consideration, and the qualitative characteristics of accounting information. The adoption and applicability of the standard are further discussed considering some practical issues involved by converting to the SMEs standard. Our conclusion is that a common framework for financial reporting reduces the degree of differential reporting between public and private entities, thus being in the best interest of the users of financial information.

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