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The Institute of Certified Public Accountants (ICPA) has welcomed new accounting standards tailored to the requirements of small and medium sized enterprises (SMEs).The International Financial Reporting Standards for SMEs have been released in draft form by the International Accounting Standards Board (IASB). The IASB said that the standards would reduce the burden of financial reporting on SMEs that wished to use globally recognised standards. "Often the most stressful aspect of running a business is the burden of red tape placed on these wealth creators," said president of the CPA Padraig O Feinneadha. "Standards and legislation are almost always developed with larger firms in mind and SMEs have been especially vulnerable to the burdens of these rules and regulations." Mr Feinneadha added that the new standards would help to reduce the regulatory burden placed on small businesses
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