Financial reporting standards for small entities in Malta

Abstract

Globalisation is now an accepted fact of everyday life. It has considerable implications for accounting standard setting; it becomes essential that recognition, measurement, and disclosure requirements be harmonised so that companies active in the financial markets do not have to comply with different sets of accounting standards. The International Accounting Standards Committee (IASC) has committed to deliver a complete set of International Accounting Standards (IASs) to facilitate the financial market integration on a global scale.