AFA Affirms Support for IFRS for SMEs at 98th Council Meeting

The ASEAN Federation of Accountants (AFA) welcome the release of the International Financial Reporting Standard for Small and Medium-sized Entities (IFRS for SMEs) by the International Accounting Standards Board (IASB) during the 98th AFA Council meeting in Singapore recently.

The AFA member bodies present at the meeting was unanimous in expressing welcomed the issuance the IFRS for SMEs as it would be beneficial for the small and medium and non public interest entities which forms the backbone of the ASEAN economies.

The AFA President, Pengiran Haji Moksin points out that the introduction of IFRS for SMEs is a positive step towards enhancing quality of financial reporting without placing costly and unnecessary compliance burdens on the SMEs in the ASEAN region. He added that “AFA will be committed in encouraging the adoption the principles of IFRS for SMEs in the AFA member bodies’ respective jurisdictions.”

The 98th AFA Council meeting was hosted by the Institute of Certified Public Accountants of Singapore (ICPAS).Other items discussed at the meeting were other regional and international issues affecting the accountancy profession in the region as well as the status of the various projects being undertaken by AFA including compilation of domestic regulations of the profession in the ASEAN region, development of Mutual Recognition Arrangements (MRAs) within the region and finalisation of the criteria and guidelines for AFA Research Grants.

The AFA member bodies were also briefed at the meeting by the Brunei Institute of Certified Public Accountants (BICPA) on the preparation of the upcoming 16th AFA Conference which will be held in Brunei Darussalam from 8-9 December 2009.

The 98th AFA Council meeting was attended by all of AFA primary members from the ASEAN regions as well as its associate members from Australia and UK.