n Professional Accountant - GAAP for SMEs : a new dawn : to apply or not to apply - that is the question

Volume 2009 Number 1
  • ISSN : 1680-7537


As mentioned in the previous article, the accounting profession has for some time now been asking for, no, begging for an accounting standard for small and medium-sized entities (SMEs). The International Accounting Standards Board (IASB) heeded the call and issued the exposure draft International Financial Reporting Standard for Small and Medium-sized Entities. The South African Accounting Practice Board (APB) in their turn approved the IASB's exposure draft on IFRS for SMEs, without any change to the original text, as the South African Statement of Generally Accepted Accounting Practice for Small and Medium-sized Entities (Statement of GAAP for SMEs). With this, a new day dawned for accounting for SMEs in South Africa.

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