At the convention of the Federal Association of Accountants and Controllers (BVBC) which is currently taking place in Suhl, Germany, Mr. Uwe Jüttner, chairman of the association, expressed himself on the introduction of the so-called International Financial Reporting Standards (IFRS ⇒Wikipedia) which draws nearer also for small and medium-sized entities (SME). He stressed that although the application of the new rule was currently premature for most SME, it would, however, be unavoidable in the medium-term. He also said that the BVBC shared the opinion of the majority of experts and executives who believe that the IFRS in the medium and long term would establish themselves as the common standard for external accounting.
He continued saying that he was aware of the additional costs incurred by SME due to additional accounting, but did not share the general reservations. In addition, he said, the International Accounting Standards Board (IASB) was working on a special version of the the new rules for SME. Against this background, in his opinion, companies should tackle the new challenges rather than reject them right from the start.