C. You are the financial controller of ABC plc which prepares consolidated financial statements in accordance with International Financial Re porting Standards (IFRS). Your managing director, who is not from finance area, has some questions related to financial reporting on small and medium enterprise (given below):

i. Why do small and medium entit ies , need not comply with the detailed requirements of IFRS ?

ii. Is it true that there are different accounting rules which are available for small and medium sized entities?

iii. Can ABC plc take advantage of them? Explain.

Required:

Provide answers to the questions raised by the managing director by evaluating the key points of IFRS for small and medium sized entities (SMEs) .

(15 Marks)