The review process of small and medium sized companies’ reporting requirements has been completed and the General Accounting Principles for Smaller Entities (GAPSE) have been finalized and will be launched in a matter of days. This was announced by the Minister of Finance, the Economy and Investment, Tonio Fenech during a speech at the inauguration of Mazars, an international audit, accounting, tax and advisory services firm.

These principles reduce the audit and financial statement reporting requirements of smaller and medium sized companies to a more realistic requirement. Government appreciated the fact that for small companies the obligations imposed by the current International Financial Reporting Standards go beyond these understandable needs and can impose a compliance cost which in today’s realities could outweigh the benefits or needs of the financial statement users.

This confirms Government’s commitment towards SMEs after that towards the end of last year Government had also announced substantially reduced registration and annual fees for SMEs that submit these forms in electronic format. This has benefited a significant number of small to medium financial institutions.

The inauguration of Mazars adds another high quality financial services company that has trusted Malta, and specifically local company Attard Giglio & Co. in its decision to expand its worldwide business. The country relies on the skills of more than 10,000 professionals operating in 50 countries.

The Minister of Finance, the Economy and Investment Tonio Fenech highlighted his satisfaction for this news since it once again demonstrates the country’s resilience despite a worldwide crisis of historical proportions, which is resulting in substantial economic downturns and massive redundancies around the world.

While congratulating the entrepreneurs behind this news, Tonio Fenech explained that such results happened because Government is responding to changes in the international commercial sphere in order to assure that the country’s cutting edge is maintained and that Malta is offering investors and business partners the best possible financial services environment. EU accession and euro adoption have strengthened the country’s position in this context, the Minister added.