Introduction
"Worldwide, the single greatest challenge facing small and medium enterprises is
access to finance, a problem that has only been exacerbated by the global financial crisis and
correspondingly tighter credit conditions. By adopting IFRS for SMEs, however, small
businesses will be able to provide potential lenders and investors with credible, standardised
and transparent financial records, facilitating the extension of credit and benefiting the longterm
diversification and stability of the domestic economy" (A press release from United
Arab Emirates of Tuesday, March 23 - 2010.)