The International Federation of Accountants (IFAC) Small and Medium-sized Practices (SMP) Committee has released as part of phase two of its project on micro-entity financial reporting, a paper entitled “Micro-Entity Financial Reporting: Some Empirical Evidence on the Perspectives of Preparers and Users”.  
 
This paper presents the findings of focus group interviews involving users and preparers of IFRS for SMEs in Italy, Kenya, Poland, Uruguay and the United Kingdom in relation to its suitability to micro-entity financial reporting.  
 
The study set out to canvas the views of interested stakeholders on the suitability of the proposed IFRS for SMEs for micro-entities and considers the need for new international guidance specifically aimed at them.  
 
Generally, participants have indicated that IFRS for SMEs is too complex for micro-entities and that minor changes to the current proposals may not ameliorate this.  
 
This information paper can be downloaded from the SMP section of the IFAC online bookstore.  
 
This article was taken from ANT02/2008 and is current up to 25 January 2008