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News brief: Singaporean institute publishes accounting model for micro, small and medium businesses

The Institute of Singapore Chartered Accountants (ISCA) has developed a Micro Accounting Model (MAM) to help the adoption of accrual accounting for micro, small and medium businesses operating in the countries part of the Association of South East Asian Nations (ASEAN).

The model contains simplified accounting areas yet still adheres to the principles and IFRS standards of the International Accounting Standards Board. It also outlines the principles of judgement in a transaction or event as well as including financial statements and reconciliations to IFRS and IFRS for SMEs.

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