WG 54 Financial Reporting by Small and Medium Entities (SME)

Chairman: Mr. Andy Lee Kong Weng; Project Manager: Mr. Danny Tan Boon Wooi

WG 54 was responsible for developing MASB ED 52 Private Entity Reporting Standards (PERS). The proposed Standard prescribes the cost bases to measure assets and liabilities of private entities. It removes certain disclosure requirements that are required in Financial Reporting Standards (FRSs). The idea is balancing the cost and benefits of financial information to owners and shareholders of privately run companies.

The working group was initially set up in 2004 to review the IASB's Discussion Paper - Preliminary Views on Accounting Standards for Small and Medium-sized Entities. WG 54 also reviewed IASB's exposure draft of a proposed IFRS for Small and Medium-sized Entities.  The aim of the proposed standard is to provide a simplified, self-contained set of accounting principles that are appropriate for smaller, non-listed companies and are based on full IFRSs developed primarily for listed companies.