Publisher's Synopsis
In order to meet the accounting and financial reporting needs of small and medium-sized enterprises (SMEs), the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting (ISAR) has proposed the adoption of a three-tier approach applicable to all types of SMEs, particularly those in developing countries and countries with economies in transition. This publication sets out guidance for level 2 enterprises, applicable to larger business enterprises whose shares are not publicly traded and those in which there is no significant public interest. The approach proposed is accruals-based accounting, based on that set out in international accounting standards.
