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Darrel Scott appointed SMEIG chair

The International Financial Reporting Standards Foundation has appointed South African Darrel Scott as the chairman of the SME Implementation Group (SMEIG).

Scott, former chief financial officer of South Africa's FirstRand Banking group, is currently one of the 15 members of the International Accounting Standards Board (IASB).

The purpose of the SMEIG is to support and monitor the international adoption of IFRS for SMEs by developing guidance and recommending amendments to the IASB.

Scott said that he would be looking forward to guide the further development and use of IFRS for SMEs and he explained: "IFRS has been accepted and adopted by many nations, but for smaller private entities in developing countries it can be challenging to apply such a comprehensive set of standards".

Scott will be the third South African SMEIG member, joining Bruce MacKenzie and Frank Timmins.

"As an institute, we are thrilled with Scott's appointment. His extensive experience in South Africa and regular interaction now in the IFRS for SMEs sector is what will give him the edge to succeed in his new position", South African Institute of Chartered Accountants' project director for financial reporting Sue Ludolph said.

Related links

The International Accounting Standards Board & The International Financial Reporting Standards Foundation

The SME Implementation Group

The South African Institute of Chartered Accountants

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