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Corporate - Accounting Standards


SAFA draws up a/c standards for SMEs

K.R. Srivats

New Delhi , April 27

A common framework of accounting standards for small and medium enterprises (SMEs) in the SAARC (South Asian Association for Regional Cooperation) region is likely to be evolved over the next few months.

A draft of the proposed framework was discussed at the South Asian Federation of Accountants (SAFA) assembly held in Karachi on April 17, according to Mr G. Ramaswamy, Vice-Chairman of the Centre of Excellence for standards and quality of SAFA.

As the international accounting standards board (IASB) may take more time to develop accounting standards that meet the unique needs of SMEs, SAFA plans to develop a framework that could act as the basis on which various accountancy bodies in the SAARC region could formulate accounting standards for SMEs.

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