5 International Financial Reporting Standards (IFRSs) are primarily designed for use by publicly listed companies and
in many countries the majority of companies using IFRSs are listed companies. In other countries IFRSs are used as
national Generally Accepted Accounting Practices (GAAP) for all companies including unlisted entities. It has been
argued that the same IFRSs should be used by all entities or alternatively a different body of standards should apply
to small and medium entities (SMEs).
Required:
(a) Discuss whether there is a need to develop a set of IFRSs specifically for SMEs. (7 marks)
正确答案：5 (a) IFRSs were not designed specifically for listed companies. However, in many countries the main users of IFRS are listedcompanies. Currently SMEs who adopt IFRS have to follow all the requirements and not all SMEs take exception to applyingIFRS becau
