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Financial Reporting Standards Application by Small and Medium Sized Enterprises (SMEs) In Jordan: An Exploratory Study

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  • Shamsi S. Bawaneh
  • Tamara I. Abzakh

Abstract

This research highlights the financial reporting mechanism carried by Small and Medium sized Enterprises (SMEs) in Jordan. This study defines the financial reporting standards used by SMEs in Jordan, users of SMEs financial reports, and uses of financial information and reports of SMEs in Jordan. The study covers the concept of International Financial Reporting Standards (IFRS), and focuses on the IFRS for SMEs and the financial reporting standards application in Jordan will real-life evidence from an exchange company. The exchange company is in compliance with all regulations and policies imposed by law in Jordan. In addition, the exchange company preferences regarding the use of the financial reports and statements, is similar to the interests and preferences of other SMEs, according to the information presented in the literature review from previous researches. The results show that the exchange company is using the International Financial Reporting Standards according to the regulations and policies imposed by Jordanian law, as the International Financial Reporting Standards for SMEs are in consideration and not implemented yet. This study uses a case-study (qualitative) method to examine the real-case of the financial reporting mechanism being implemented by an exchange company in Jordan, Ma’moun Al-Sadat and Sons Exchange Company. The research provides a basis for further research. Qualitative and quantitative studies could be conducted in the future to verify the findings of the study.

Suggested Citation

  • Shamsi S. Bawaneh & Tamara I. Abzakh, 2014. "Financial Reporting Standards Application by Small and Medium Sized Enterprises (SMEs) In Jordan: An Exploratory Study," International Journal of Management Sciences, Research Academy of Social Sciences, vol. 3(5), pages 301-312.
    • Handle: RePEc:rss:jnljms:v3i5p2
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    References listed on IDEAS

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    1. Trevor Hopper & Andrew Powell, 1985. "Making Sense Of Research Into The Organizational And Social Aspects Of Management Accounting: A Review Of Its Underlying Assumptions [1]," Journal of Management Studies, Wiley Blackwell, vol. 22(5), pages 429-465, September.
    2. Dang Duc Son & Neil Marriott & Pru Marriott, 2006. "Users' perceptions and uses of financial reports of small and medium companies (SMCs) in transitional economies: Qualitative evidence from Vietnam," Qualitative Research in Accounting & Management, Emerald Group Publishing, vol. 3(3), pages 218-235, September.
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    Cited by:

    1. Shamsi S. Bawaneh & Asma’a Al-kayyali, 2014. "Financial Issues Facing Entrepreneurs," International Journal of Empirical Finance, Research Academy of Social Sciences, vol. 3(2), pages 97-103.

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