Kapital Karden Auditing Department Partners and auditors are specialists in their field and have expert technical knowledge, experience and commitment to the highest quality. Audits are conducted by applying a risk-based audit methodology that is in compliance with International Standards on Auditing. It places particular emphasis on the planning phase of the audit in order to identify at an early stage the expertise that will be required to carry out the necessary audit procedures. We work with consolidated, large, medium and small sized entities.

What is IFRS?
International Financial Reporting Standards

What are SMEs?
Small and medium sized entities - which represent more than 95% of all companies globally.

What is IFRS for SMEs?

Based on Full IFRS(2,800 pages) IFRS for SMEs (230 pages) introduces significant simplifications.

IFRS for SMEs has been designed to meet the needs of entities with no public accountability. An entity has a “public accountability” if: it has issued, or is in the process of issuing, debt, equity or other instruments in a public market; or it holds assets, for example a bank, an insurance company, a securities broker / dealer, a pension fund, a mutual fund and an investment bank. This definition avoids a quantified size test.

Why IFRS for SMEs?

“The publication of IFRS for SMEs is a major breakthrough for companies throughout the world. For the first time, SMEs will have a common high quality and internationally respected set of accounting requirements. We believe the benefits will be felt in both developed and emerging economies” Sir David Tweedie, IASB Chairman

Global Financial statements

Globalisation is an economic fact that affects goods, capital and information.

A global financial reporting language is likely to bring the following benefits to SMEs: