ASCA-Jordan Issues the Arabic Version of International Financial Reporting Standard for Small and Medium Entities (IFRS for SMEs)

The IFRS for SMEs aims at fulfilling the requirements and capabilities of small and medium entities estimated to account for more than 95% of all companies around the world

AMMAN ------ April 28, 2010 ------- The Arab Society of Certified Accountants-Jordan (ASCA-Jordan) issued the translated Arabic version of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs), published for the first time by the International Accounting Standards Board (IASB).

The IFRS for SMEs aims at fulfilling the requirements and capabilities of small and medium entities estimated to account for more than 95% of all companies around the world.

This Standard was found to be less complicated and more clarified than the International financial Reporting Standards (IFRS) in many aspects:
? The Standard was written in a clear and translatable language.
? Issues irrelevant to small and medium entities were omitted.
? While all IFRSs allow accounting policies options, the IFRS for SMEs allows the simplest option only.
? This book includes one set of high quality, understandable and enforceable international accounting standards which require transparent, high quality and comparable information.


ASCA-Jordan continuously seeks to develop the accounting and management sciences as well as associated and relevant principles applicable to all or some of professional services. It also endeavors to develop the competence, practice, and conduct to the highest professional levels through being interested in accounting publications and coping with developments and updates in accounting and auditing professions.
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