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News & Events

[ 07-02-2013 ]
ACCA Launches New Cert For SME Business Reporting Standard
KUALA LUMPUR, Feb 5 (Bernama) -- The Association of Chartered Certified Accountants (ACCA) has launched a new certificate, the CertIFR, for small and medium-sized entities (SMEs).

The move taken by the ACCA is to ensure finance professionals understand the new International Financial Reporting Standards (IFRS) for the industry.

Country head of ACCA Malaysia, Jennifer Lopez, said it is essential for finance professionals working in, and for, the SME sector to understand this standard that will be used by the millions of companies within its scope.

"If and when this standard is enforced in Malaysia, SMEs will need to prepare themselves for the adoption. It cannot be a knee-jerk action," she said in a statement today.

The IFRS for SMEs has been adopted in many countries and its use is spreading.

In Malaysia, the Malaysian Accounting Standards Board is considering the possibility of replacing the PERS Framework, which is outdated, with a new set of standards in 2015 with effective date of 2016, with IFRS for SMEs being one of the frameworks considered.

The IFRS for SMEs has significant disclosure reductions to the full IFRS for larger companies, and different accounting treatments for some items such as goodwill.

The aim of the certificate is to ensure finance professionals understand how the IFRS for SMEs is used around the world and know how to use it in practice.

It will also enable them to examine its fundamental requirements for the benefit of preparers, auditors and users of financial statements.

-- BERNAMA