Australian firms want simplified IFRS for SMEs

According to a recent survey by the accounting firm Grant Thornton, 80% of people involved in financial reporting in Australia believe that International Financial Reporting Standards (IFRS) should be simplified. At the same time, 78% of the accountants, chief financial officers and directors responding said converting to IFRS was a good idea. More than 80% of respondents also supported the introduction of a simplified IFRS standard for small and medium-sized enterprises, while more than half said smaller listed companies that gain shareholder approval should be allowed to adopt the simplified standards. Australia adopted IFRS in 2005. (Read more about the survey in the article Accounting Standards Need Simplifying.)