Hassan, Ezaaz and Mala, Sheetal and Finau, Glen and Rani, Prena (2014) The 2012 Review of IFRS for SMEs: Possible Responses from the Fiji Institute of Accountants. Accounting and Taxation, 6 (2). pp. 71-83. ISSN 1944-529X
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Abstract
The International Accounting Standards Board (IASB) issued a paper reviewing the IFRS for SMEs in 2012
and invited public comments on changes the IASB had under consideration. There was no response from
the Fiji Institute of Accountants (FIA), Fiji’s professional body and de facto accounting regulator, despite
the fact that the Institute had contributed to the debate in 2007, when the initial draft of the Standard was
under review. The FIA had applied the standard for reporting periods beginning on or after 1st January
2011.This study will determine the reason behind FIA’s non-response by interviewing two individuals with
significant experience and knowledge in accounting regulation and standard setting in Fiji. The paper also
investigates the challenges SMEs are facing by surveying audit firms. The findings indicate that SMEs are
facing certain drawbacks which should have been conveyed by the FIA to the IASB in the 2012 review. The
study provides preliminary evidence to suggest that FIA should make a substantive response in future
reviews for IFRS for SMEs (such as the 2013 Exposure Draft).This response would also be useful for other
developing countries that are facing similar issues/problems in the application of the IFRS for SMEs.
| 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: | 28 Jan 2015 22:33 |
| Last Modified: | 08 May 2016 23:59 |
| URI: | https://repository.usp.ac.fj/id/eprint/7699 |
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