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Adoption Process of IFRS for SMEs in Turkey: Insights from Academics and Accountants

Author

Listed:
  • Merve Kilic
  • Ali Uyar

    (Independent Scholar, Turkey; b American University of the Middle East, Kuwait)

Abstract

In 2009, the International Accounting Standards Board (IASB) issued International Financial Reporting Standards (IFRS) for Small and Medium-sized Entities (SMEs) as a simplified version of the full IFRS addressing the financial reporting needs of SMEs. Although IFRS for SMEs is still not required in this jurisdiction, Turkey was one of the first ones that have taken substantive steps towards adoption of IFRS for SMEs. The main purpose of this research is to investigate the perceptions of Turkish accountants, academicians, and auditors regarding the adoption process of IFRS for SMEs via in-depth interview methodology. The findings of the research confirmed the need for a stand-alone standard set for SMEs. The interviewees asserted that more simplification on IFRS for SMEs may hinder comparability of financial statements. While high-quality financial information will be the most important advantage of applying IFRS for SMEs, cost burdens on firms and lack of trained personnel will be the major obstacles for the implementation process.

Suggested Citation

  • Merve Kilic & Ali Uyar, 2017. "Adoption Process of IFRS for SMEs in Turkey: Insights from Academics and Accountants," Journal of Accounting and Management Information Systems, Faculty of Accounting and Management Information Systems, The Bucharest University of Economic Studies, vol. 16(2), pages 313-339, June.
    • Handle: RePEc:ami:journl:v:16:y:2017:i:2:p:313-339
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    Citations

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    Cited by:

    1. Arber Hoti & Lulzim Krasniqi, 2022. "Impact of international financial reporting standards adoption on the perception of investors to invest in small-to-medium enterprise adopting transparency in disclosure policies," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(1), pages 506-515, March.
    2. Abbas Saad Hamada Alkhuzaie & Muzaffar Asad & Ala'a Zuhair Ahmad Mansour & Mohammed Ali Bait Ali Sulaiman & Umar Nawaz Kayani & Muhammad Uzair Asif, 2024. "Compliance with Accounting Standards by Jordanian SMEs," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 89-107.

    More about this item

    Keywords

    IFRS for SMEs; SME; interviews; qualitative study; Turkey;
    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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