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The Impact Of Ifrs For Smes On The Accounting Profession: Evidence From Fiji

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  • Fazeena Fazneen Hussain
  • Priyashni Vandana Chand
  • Prena Rani

Abstract

At the turn of the millennium, the many corporate collapses and fraudulent financial reporting practices tarnished the reputation of accountants and resulted in a credibility crisis for the accounting profession. The profession responded by developing IFRS and IFRS for SMEs that would assist in achieving a more transparent and principles-based financial reporting framework. Fiji is not far behind from other developed countries when it comes to adoption of international reporting standards as this is evidenced by the early adoption of IFRS by large reporting entities beginning January, 2007 and IFRS for SMEs by small and medium-sized entities from January, 2011. Unlike the non-big 4 accountancy firms (local firms) in Fiji, the big 4 firms (PricewaterhouseCoopers, KPMG, Ernst and Young and G.Lal) have necessary resources and expertise to assist in adoption of international reporting standards like IFRS and IFRS for SMEs. This study therefore, examines the preparedness, capacity and challenges faced by big 4 and non-big 4 accounting firms in dealing with IFRS for SMEs in Fiji through in depth interviews. The results show the big 4 have a competitive advantage over the non-big 4 as they have substantial resources, expertise and receive training support from their global network.

Suggested Citation

  • Fazeena Fazneen Hussain & Priyashni Vandana Chand & Prena Rani, 2012. "The Impact Of Ifrs For Smes On The Accounting Profession: Evidence From Fiji," Accounting & Taxation, The Institute for Business and Finance Research, vol. 4(2), pages 107-118.
    • Handle: RePEc:ibf:acttax:v:4:y:2012:i:2:p:107-118
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    References listed on IDEAS

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    1. Alp, Ali & Ustundag, Saim, 2009. "Financial reporting transformation: the experience of Turkey," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 20(5), pages 680-699.
    2. Brigitte Eierle & Axel Haller, 2009. "Does Size Influence the Suitability of the IFRS for Small and Medium-Sized Entities? -- Empirical Evidence from Germany," Accounting in Europe, Taylor & Francis Journals, vol. 6(2), pages 195-230, December.
    3. Zeghal, Daniel & Mhedhbi, Karim, 2006. "An analysis of the factors affecting the adoption of international accounting standards by developing countries," The International Journal of Accounting, Elsevier, vol. 41(4), pages 373-386, 012.
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    Cited by:

    1. Ezaaz Hasan & Sheetal Mala & Glen Finau & Prena Rani, 2014. "The 2012 Review Of Ifrs For Smes: Possible Responses From The Fiji Institute Of Accountants," Accounting & Taxation, The Institute for Business and Finance Research, vol. 6(2), pages 71-83.
    2. Carl A. Crittenden II & William F. Crittenden, 2014. "The Accounting Profession’S Role In Corporate Governance In Frontier Markets: A Research Agenda," Organizations and Markets in Emerging Economies, Faculty of Economics, Vilnius University, vol. 5(2).

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    More about this item

    Keywords

    IFRS for SMEs; Profession; Emerging Economies;
    All these keywords.

    JEL classification:

    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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