Consolidated financial statements

You are the financial controller of ABC plc which prepares consolidated financial statements in accordance with International Financial Reporting 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 entities, 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.

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