The new IFRS for SMEs is a giant leap forward for accountancy. Isobel Sharp asks whether the UK will take the next step.

After six years’ work, three major consultation papers, more than 40 separate discussions at meetings of the International Accounting Standards Board, and consuming the patience, diligence and enthusiasm of one IASB staff member, Paul Pacter, the International Financial Reporting Standards for SMEs is now a reality. Big sibling, full IFRS, now has a little one.