Leading accountancy firm holds workshop in Dubai on IFRS for SMEs; highlights opportunities for small businesses
The introduction of International Financial Reporting Standards (IFRS) for small and medium-sized enterprises, a global initiative to unify and streamline financial reporting for small businesses, will facilitate the further growth of the SME sector in the UAE, according to Grant Thornton, one of the world's leading independently owned accounting and consulting firms.
Currently accounting for more than 85 per cent of all businesses in the UAE and representing over 95 per cent of all global businesses, SMEs represent the primary driver of job creation and growth in the country, Raza Meghji, Partner, Grant Thornton UAE, pointed out at the IFRS conference organised by the Institute for International Research and held from March 14-17, 2010, in Dubai.
"Worldwide, the single greatest challenge facing small and medium enterprises is access to finance, a problem that has only been exacerbated by the global financial crisis and correspondingly tighter credit conditions," Meghji said. "By adopting IFRS for SMEs, however, 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."
Meghji added: "With the announcement of the SME Development Roadmap by the Mohammed Bin Rashid Establishment for SME Development in December 2009 and the definition for SMEs now in place, the new IFRS for SMEs provides clear benefits for investors, lenders and those seeking to raise finance."
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About Grant Thornton:
Grant Thornton International Ltd (Grant Thornton International) is one of the world's leading organisations of independently owned and managed accounting and consulting firms. These firms provide assurance, tax and specialist business advice to privately held businesses and public interest entities. Services are delivered independently by the member and correspondent firms within Grant Thornton International, a non-practicing, international umbrella entity organized as a private company limited by guarantee incorporated in England and Wales. Grant Thornton International does not deliver services in its own name or otherwise. Grant Thornton International and the member firms are not a worldwide partnership.
Grant Thornton United Arab Emirates is a Member firm of Grant Thornton International. Founded in 1966, Grant Thornton UAE has come a long way to emerge as one of the largest firms in the UAE, providing audit, consultancy and accounting services of the highest professional standard, to many international and domestic businesses. Having considerable experience in many fields, they are able to cater to all their clients' businesses including investment, construction, insurance, financial services, manufacturing, oil sector services, hospitality and tourism, shipping and travel, trading and real estate
For further information, please contact:
Nicholas Nesson
Nitin Nambiar
Tasneem Abdur-Rashid
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
Email: n.nesson@asdaa.com
Email: n.nambiar@asdaa.com
Email: t.rashid@asdaa.com
© Press Release 2010
