On September 18, 2007 the Round Table on Project Discussion «IFRS for small-sized and medium-sized enterprises» was organized by the NOFA Foundation. On September 18, 2007 the Round Table on Project Discussion «IFRS for small-sized and medium-sized enterprises» was organized by the NOFA Foundation. The event took place in the State University - the Higher School of Economics. Mikhail Kiselyov, the Chairman of the National Accounting Standards Board of the NOFA Foundation, Vadim Shelaginov, the Project Manager of the NOFA foundation. The Round Table involved the participation of the representatives of the Central Bank of the Russian Federation and the Municipal Fund of Support for Small Enterprises in Eastern Administrative Region of Moscow, professors and lectures of the Higher School of Economics, representatives of the Institute of Professional Accountants in Russia and the Association of the Regional Banks, the Institute specializing on difficulties in business undertakings, Auditing and Consulting Companies and other representatives of business organizations. During opening of the Round Table, Mikhail Kiselyov, the Chairman of the National Accounting Standards Board of the NOFA Foundation, pointed to the importance of the Discussion topic. SME play significant role in the Russian economy. The financial stability, accessibility to the outside financing and other important aspects of SME activities depend on how the process of Accounting and Financial Reporting is implemented within SME. Taking into consideration the aim of the enforcement of the IFRS into financial reporting practice globally, the application of the IFRS within SME, in any form, will be essential for the Russian enterprises. Vadim Shelaginov, the Project Manager of the NOFA foundation introduced to the participants of the Round Table the history of the development of the project «IFRS for SME»: starting from the preparation of the Discussion Document by the IASB and finishing by the submission of the final project of standards for discussion. After the presentation the participants entered into discussion presenting their views on the issue. During the discussion the specifics of the Document issued by the IASB were emphasized for the attention of the participants. Furthermore, the preliminary position of the Standards Board was also presented at the Table. Overall, the participants of the Round Table supported the position of the NOFA foundation in relation to the discussed questions. The participants of the discussion made the following suggestions. In particular, it was suggested to omit the modification of the capitalization model when accounting for borrowing costs in the SME in the way it is outlined in the project of the Comment-Letter presented for discussion. Instead, it was recommended to include a simpler description of this model, as it is presented in the full version of IFRS. Besides that, the participants of the Round Table noted the relevance of providing SME with the opportunity to apply all the alternative aspects of the accounting policy included in the full version of IFRS without undertaking any modifications. This is especially important in the case of the group consolidations combining companies with public reporting and SME. Additionally, it was suggested to point to the possible difficulties arising in the case of the public companies using the shareholding method when the associates are the MSE. In the final part of the Round Table the participants were informed about the plans concerning the completion of the project «IFRS for SME» and about further cooperation of the IASB and the NOFA foundation on arising issues.