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The impact of IFRS for SME's on the accounting profession, evidence from Fiji

Rani, Prena and Hussain, Fazeena and Chand, Priyashni (2012) The impact of IFRS for SME's on the accounting profession, evidence from Fiji. Accounting and Taxation, 4 (2). pp. 107-118. ISSN 1944-529X

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    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

    Item Type: Journal Article
    Subjects: H Social Sciences > HF Commerce > HF5601 Accounting
    Divisions: Faculty of Business and Economics (FBE) > School of Accounting and Finance
    Depositing User: Unnamed user with email prena.rani@usp.ac.fj
    Date Deposited: 23 Apr 2014 17:03
    Last Modified: 16 Jan 2017 14:30
    URI: http://repository.usp.ac.fj/id/eprint/5708
    UNSPECIFIED

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