WAYS TO DEVELOP THE AUDIT OF SMALL AND MEDIUM-SIZED ENTERPRISES THAT HAVE SWITCHED TO IFRS.

Abstract

International Financial Reporting Standards (IFRS) play an important role in ensuring the development and sustainability of small and medium-sized businesses. The IFRS for Small and Medium-sized Enterprises (SMEs) developed by the IFRS Council was published as a final document on July 9, 2009. The first country in the world to adopt this standard upon its publication in 2009 was the Republic of South Africa [1]. According to official data from the International Accounting Standards Board (IASB) and the Institute of Chartered Accountants in England and Wales (ICAEW), 86 countries will require or permit the use of IFRS for SMEs by 2025 [2].