ISAR has supported and continues to support the International Accounting Standards Board (IASB) as the international standard setter of reference for accounting and reporting standards. The International Financial Reporting
Standards (IFRS) issued by the IASB, however, have been created largely with the financial reporting needs of listed companies in mind. Consequently, it has often been difficult to apply them to SMEs, particularly those in developing
countries and countries with economies in transition. For many businesses in these countries, professional help may also be disproportionately expensive.