Ifrs

Hi All,
Wonder if someone can offer some advice please. I have read in lots of media that SME's are soon going to have to report under IFRS. Does anyone know what the implications of this will be for us and how straight forward it will be?
There seems to be so much to deal with at the moment:ohmy: Has anyone dealt with international accountancy standards before?
Thanks
Gill
Wonder if someone can offer some advice please. I have read in lots of media that SME's are soon going to have to report under IFRS. Does anyone know what the implications of this will be for us and how straight forward it will be?
There seems to be so much to deal with at the moment:ohmy: Has anyone dealt with international accountancy standards before?
Thanks
Gill
0
Comments
I think the main bone of contention is the fact that under IFRS, the cash flow statement becomes mandatory whereas under FRS 1 small companies do not have to prepare one.
Accounting software and the disclosure checklists will be amended accordingly so there will be support out there.
Kind regards
Steve