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

Author

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  • Hana Bohušová

    (Ústav účetnictví a daní, Mendelova univerzita v Brně, Zemědělská 1, 613 00, Brno, Česká republika)

  • Veronika Blašková

    (Ústav statistiky a operačního výzkumu, Mendelova univerzita v Brně, Zemědělská 1, 613 00, Brno, Česká republika)

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.

Suggested Citation

  • Hana Bohušová & Veronika Blašková, 2012. "In what ways are countries which have already adopted IFRS for SMEs different," Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, Mendel University Press, vol. 60(2), pages 37-44.
    • Handle: RePEc:mup:actaun:actaun_2012060020037
    DOI: 10.11118/actaun201260020037
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    References listed on IDEAS

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    1. Daniel Petrus Schutte & Pieter Buys, 2011. "A critical analysis of the contents of the IFRS for SMEs - a South African perspective," South African Journal of Economic and Management Sciences, University of Pretoria, Faculty of Economic and Management Sciences, vol. 14(2), pages 188-209, June.
    2. 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.
    3. 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.
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