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The Evolution Of Financial Standards For Small And Medium- Sized Entities "

Author

Listed:
  • Mateja Jerman

    (Faculty of Management Koper University of Primorska Slovenia ")

  • Gordana Ivankovič

    (Faculty of Tourism Studies - Turistica University of Primorska Slovenia ")

Abstract

According to the growing need for more comparable accounting standards, the beginnings of In- ternational Financial Reporting Standards for small and medium sized entities (IFRS for SMEs) can be found in the year 2004. IFRS for SMEs represents for the first time an accounting standard for small and medium-sized companies that can be used globally. The paper aims to examine the histori- cal development of IFRS, the principal institutions linked to their adoption and the harmonization process of standards within the European Union. The main contribution of the paper refers to the evo- lution of IFRS for SMEs and the main differences between the full IFRS in use and the IFRS for SMEs. The results of the comparative analysis demonstrate that several differences exist between them. Alt- hough the aim of the new standard is to assure comparable financial statements for small and medium-sized entities, the presented disadvantages demonstrate that not necessarily its implementa- tion will assure more benefits than the cost that will occur."

Suggested Citation

  • Mateja Jerman & Gordana Ivankovič, 2011. "The Evolution Of Financial Standards For Small And Medium- Sized Entities "," Analele Stiintifice ale Universitatii "Alexandru Ioan Cuza" din Iasi - Stiinte Economice (1954-2015), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 58, pages 13-24, november.
    • Handle: RePEc:aic:journl:y:2011:v:57:p:13-24
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    Citations

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    Cited by:

    1. S. Susela Devi & R. Helen Samujh, 2015. "The Political Economy of Convergence: The Case of IFRS for SMEs," Australian Accounting Review, CPA Australia, vol. 25(2), pages 124-138, June.
    2. Moisescu Florentina & Persicov Oana, 2016. "The Management of Disinvestment Decision and its Impact on Financial Statements," Risk in Contemporary Economy, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, pages 417-422.

    More about this item

    Keywords

    financial reporting; accounting standards; IFRS; small and medium-sized companies;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting
    • M48 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Government Policy and Regulation

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