The report provides a review of field testing results carried out by the Association of Chartered Certified Accountants (ACCA) in the UK in early 2008. The sample of entities surveyed included small and medium-sized enterprises (SMEs) from various industries. The results showed that there were significant differences between the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) and the UK Accounting Standards. The findings suggest that the transition to IFRS for SMEs has been challenging for many SMEs, particularly in terms of the financial reporting requirements. The report also highlights the need for more guidance and support for SMEs in implementing IFRS for SMEs.
