SMALL and medium businesses can look forward to simpler accounting processes, when SA becomes the first country in the world to adopt a new global standard for SMEs.
But auditors are already warning that the simpler accounting rules will not save affected companies much in the way of auditing fees.
They are hoping that any time and effort saved on the slimmed-down audit will probably be offset by the provision of more general business and tax advice.
The new Statement of Generally Accepted Accounting Practices for SMEs reduces the number of disclosure requirements under International Financial Reporting Standards from 3 000 to 400.
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