On Tuesday, the Parliamentary Committee on Commerce examined a draft bill submitted by DISY MPs Kyriakos Hadjiyiannis and Nikos Sykas, which would allow small-sized companies and small-sized company groups to prepare financial statements based on the Financial Reporting Standard for small companies.

In statements following the Committee meeting, DISY MP Nikos Sykas said that the draft bill, which aims to support small and medium-sized enterprises, will help reduce administrative costs for these businesses and save time, effort and expenses.

He also noted that the draft bill concerns 59% of the small and medium-sized companies operating in Cyprus, expressing hope that the Committee will reach a conclusion at its next meeting, as the Ministry of Finance’s views on the creation of a Supervisory Council are expected.