An Analysis Of Sme Financial Statements After The Adoption Of Ifrs For Smes A South African Case Study
The adoption of International Financial Reporting Standards by many countries is fundamental to global accounting harmonization. However the reporting requirements were often criticized as being too comprehensive and not necessarily applicable to all levels of businesses, especially smaller businesses. As a result the International Accounting Standards Board developed an accounting framework for small and medium enterprises entitled IFRS for SMEs. Even though the IFRS for SMEs might be easier to apply, many commentators warned that the framework is still too complex. They also argue that the framework is a mere scaled-down version of IFRS and that the specific disclosure requirements of small and medium enterprises have not been taken into consideration in developing the framework. In August 2007, despite the afore-mentioned concerns, South Africa became the first country to formally adopt the IFRS for SME as an accounting framework. Whether the adoption of the IFRS for SMEs in South Africa, and perhaps elsewhere, could be described as a process of accounting harmonization for small and medium enterprises remains uncertain. The focus of the study is therefore on disclosure practices by small and medium enterprises in South Africa. Based on a sample of financial statements the results suggest that despite the availability of the IFRS for SMEs, and the acceptance thereof as SA GAAP, limited South African SME’s actually embraced the accounting standard.
Volume (Year): (2011)
Issue (Month): ()
|Contact details of provider:|| Postal: Str Horea nr. 7, Cluj-Napoca 400174|
Phone: 004 0264 599170
Fax: 004 0264 590110
Web page: http://www.tbs.ubbcluj.ro/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Tulus Tambunan, 2009. "Export-oriented small and medium industry clusters in Indonesia," Journal of Enterprising Communities: People and Places in the Global Economy, Emerald Group Publishing, vol. 3(1), pages 25-58, May.
- Agus Gunawan & Mohamed Wahdan & H. Jaap Van Den Herik, 2010. "Increasing the managerial capabilities in Indonesian garment manufacturing," International Journal of Economic Policy in Emerging Economies, Inderscience Enterprises Ltd, vol. 3(4), pages 346-367.
When requesting a correction, please mention this item's handle: RePEc:bbn:journl:2011_4_2_schutte. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Cornelia Pop)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.