In what ways are countries which have already adopted IFRS for SMEs different

Hana Bohušová · Veronika Blašková

33 citations0/0 files storedActa Universitatis Agriculturae et Silviculturae Mendelianae Brunensis

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

Abstract

Small and medium sized companies have an important position in the economy, mainly in the area of employment. SMEs are crucial to most developed and developing economies. SMEs are a heterogeneous group, possessing different size, sector, or location. Their activities on the international markets are limited by a great deal of obstacles in comparison to large enterprises. Different national financial reporting and tax systems can be considered as the most important obstacles (European Commission, 2003).The International Accounting Standards Board (IASB) published an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities on July, the 9th 2009. The IFRS for SME is designed to meet the financial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose financial statements for external users.The aim of the paper is to evaluate the current approach to the IFRS for SME adoption and implementation over the world, and to analyze the problems connected with harmonization of financial reporting legislation used by SMEs all over the world. In the paper are identified common characteristic of countries which have already the IFRS for SME adopted.The statistical methods were used for comparison of countries which have already the IFRS for SMEs adopted with those which have not adopted it yet. The level of economic development of the particular country and other characteristics were used for comparison.

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References

2007The Global competitiveness report, 2006-2007 2006An analysis of the factors affecting the adoption of international accounting standards by developing countries 2009UK small owner‐managed businesses: accounting and financial reporting needs 2010The role of small and medium practices in providing business support to small- and medium-sized enterprises 2009Does Size Influence the Suitability of the IFRS for Small and Medium-Sized Entities? – Empirical Evidence from Germany 2005Wiley IFRS 2005, CD-ROM: Interpretation and Application of International Accounting and Financial Reporting Standards 2009IFRS for SMEs in South Africa: a giant leap for accounting, but too big for smaller entities in general

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2014Preparedness for and perception of IFRS for SMEs: evidence from Turkey 2015The Political Economy of Convergence: The Case of IFRS for SMEs 2021International financial reporting standards for small and medium-sized entities: a new institutional sociology perspective 2017Adoption process of IFRS for SMEs in Turkey: Insights from academics and accountants 2015Implementing IFRS for SMEs: Challenges for Developing Economies

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