Adopting international financial reporting standards for small and medium - sized enterprises

Chand, Parmod and Patel, Arvind and White, Michael M. (2015) Adopting international financial reporting standards for small and medium - sized enterprises. Australian Accounting Review, 25 (73). pp. 139-154. ISSN 1035-6908

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Abstract

Diverse complications and controversial issues in the adoption of International Financial Reporting Standards
(IFRS) for Small andMedium-sized Enterprises (SMEs) have been reported by many jurisdictions, prompting
them not to adopt this set of standards. Conversely many jurisdictions have adopted or are in the process of
adopting IFRS for SMEs. This study considers the impetus for successfully achieving accounting convergence
with IFRS for SMEs in those jurisdictions. The possible transition issues that may arise when countries adopt
IFRS for SMEs are also highlighted. Furthermore, to provide pioneering evidence on the problems accountants
encounter when applying IFRS for SMEs, we conduct a survey on accounting practitioners in Fiji – an early
adopter of this set of standards. Both the insights provided on the process of embracing IFRS for SMEs in Fiji
and the opinions elicited from accountants highlight new dimensions to the inherent problems in IFRS for
SMEs. Scant attention has been given to this issue so far; hence the empirical evidence provided by our study
informs not only the global convergence of SME accounting but also the quality of the current suite of 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:	Madhukar Singh
Date Deposited:	16 Oct 2015 03:51
Last Modified:	12 Sep 2016 00:55
URI:	https://repository.usp.ac.fj/id/eprint/8476

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