The International Accounting Standards Board said Thursday that its staff will develop guidance to help “micro-sized entities” apply International Financial Reporting Standards for Small and Medium-sized Entities.

An IASB advisory body, known as the SME Implementation Group, will work with the IASB staff to develop the guidance for applying IFRS for SMEs to micro businesses and will then approve a final draft to be sent to the full IASB for review.

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