Posted by Neil King
The Dubai Chamber of Commerce & Industry has hosted a special workshop on international financial reporting standards (IFRS) for small and medium-sized enterprises (SMEs).
Today's (October 19th) day-long introductory session, which was held in association with accountancy body Grant Thornton, highlighted key differences between IFRS for SMEs and full IFRS and explained implementation requirements for the first -time adoption of IFRS for SMEs, the chamber said.
In addition, the event, which was attended by accountants and other individuals associated with SMEs, discussed the challenges associated with the current reporting frameworks adopted by privately owned businesses in the UAE.
Raza Meghji, partner at Grant Thornton UAE, said that as the SME sector currently accounts for more than 85 per cent of all business in the UAE, it represents the primary driver of job creation and growth in the country.
"By adopting IFRS for SMEs, small businesses in the UAE will be able to provide potential lenders and investors with credible, standardised and transparent financial records, facilitating the extension of credit and benefiting the long term diversification and stability of the domestic economy," he added.