We welcome IFAC’s efforts to strengthen the global accountancy profession and to keep standards practical and supportive for practitioners, including SMPs and their SME clients.
Our comments were focused on the following key points:
- Quality Assurance Reviews
- Flexible Entry Requirements for Accounting Education
- Adoption of ISA for Less Complex Entities (ISA for LCE)
- Adoption of IFRS Sustainability Disclosure Standards
- Implementation Timeline
EFAA for SMEs remains ready to contribute to future discussions to ensure that future revisions of IFAC SMOs reflect the realities and needs of SMPs, with proportionality, clarity, scalability, and practical support at their core.