SME’s Views on the Adoption and Application of “IFRS for SMEs” in Turkey

Asuman Atik · Ph.D. Ph.D.

23 citations0/0 files storedEUROPEAN RESEARCH STUDIES JOURNAL

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Accounting Theory and Financial Reporting Auditing, Earnings Management, Governance Accounting and Financial Management

Abstract

Turkey is one of the countries that have debates on the necessary arrangements and preparations before the adoption of "International Financial Reporting Standard for Small and Mid-sized Entities" which was issued in July 2009 by International Accounting Standards Board. In the adoption process, the views of different parties should be sought and the steps should be taken very carefully. This study aims to bring to light the views of small and medium-sized entities (SMEs) which are the most important party in these debates and which will be affected from the adoption most. The objectives of this study are to determine the current structure of SME accounting and financial reporting, the views of SMEs on the adoption and application of the standard and the possible variables that might be affecting SMEs' thoughts. 216 SMEs participated to the research by filling up a questionnaire, and the results show that SMEs support the adoption of the new standard, they want it to be elective, rather than compulsory, and even if it is elective, most of the respondents are eager to apply it.

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References

2001Business Growth and Performance and the FinancialReporting Practices of Australian Manufacturing SMEs 2002The adoption of international accounting standards by small and closely held companies: evidence from Bahrain 1989Modelling the Accounting Information Requirements of Small Businesses 2005Problems and Opportunities of an International Financial Reporting Standard for Small and Medium-sized Entities. The EAA FRSC's Comment on the IASB's Discussion Paper 2006Financial Reporting of Small Business Entities in Canada

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