The International Accounting Standards Board has published an exposure draft of a slimmed-down handbook outlining its international financial reporting standard for small and midsized companies.

The overhaul of the standards is the result of a three-year project. The new 320-page version was written in plain English where possible, and drafted in response to complaints that the IASB’s full rule book, which weights in at more than 2,500 pages, was too complex.

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