1. Benefits of IFRs for SMEs
- Improved access to capital.
- Improved quality and comparability or reporting.
- Facilitates cross-border trading.
- Focus on the needs of users of SME financial statement.
- Audit efficiencies.
- Stability - initial 2 year comprehensive review followed by 3-year omnibus updates.
- Eases burden where full IFRS has previously been required.
- Stepping stone to full IFRS for private entities aiming for initial offering (IPO).
2. Challenges facing implementation of IFRS
- Learning new technologies and accounting techniques.
- Making changes to information systems and accounting software may be needed.
- Collecting additional data for some transactions
- Dealing with new concepts.
- Dealing with valuation issues
Wilfykil answered the question on February 13, 2019 at 07:02
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Prepare:
(i) The General Account of...(Solved)
The approved estimates and actual expenditure details for the Ministry of Planning and Development for the year 2001/2002 were as follows:
Prepare:
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Date posted: February 13, 2019. Answers (1)
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Prepare:
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Date posted: February 13, 2019. Answers (1)
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Required:
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Date posted: February 13, 2019. Answers (1)
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Date posted: February 13, 2019. Answers (1)
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Required:
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Date posted: February 13, 2019. Answers (1)
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The following revenue was collected by the Ministry of Finance in the financial year 2009/2010 in respect of Revenue Head 130-070-Other Taxes:
Prepare:
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