International Financial Reporting Standards Convergence Process for Small and Medium-Sized Entities
https://doi.org/10.21791/IJEMS.2024.004
Szerző
Megtekintés
Kulcsszavak
Licenc
Copyright (c) 2024 Görkem Gök
This work is licensed under a Creative Commons Attribution 4.0 International License.
Hogyan hivatkozzuk
Absztrakt
The "International Financial Reporting Standards (IFRS) Convergence Process for Small and Medium-Sized Entities (SMEs)" seeks to address the unique challenges and requirements faced by smaller businesses in adhering to international accounting and reporting standards. This initiative recognizes that SMEs operate in diverse economic environments and have distinct financial reporting needs compared to larger enterprises. The primary purpose of this convergence process is to enhance the relevance, accessibility, and practicality of IFRS for SMEs, fostering consistency in financial reporting practices across global markets.A project to create accounting standards appropriate for small and medium-sized businesses (SMEs) is being worked on by the International Accounting Standards Board. This abstract provides an overview of the convergence process involving International Financial Reporting Standards (IFRS) for Small and Medium Sized Entities (SMEs). With the global landscape of financial reporting constantly evolving, the integration of IFRS tailored specifically for SMEs marks a pivotal transition towards harmonizing financial reporting practices. This paper examines the essential elements and implications of this convergence, addressing the challenges and benefits faced by SMEs as they align with these international standards. The analysis delves into the driving factors behind the convergence, including the necessity for a unified and transparent financial reporting framework, aiming to facilitate comparability and accessibility of financial information across borders. Furthermore, the abstract discusses the potential impact on SMEs' financial reporting quality, decision-making processes, and access to capital. Through a comprehensive review of the convergence process, this abstract seeks to contribute to the understanding of the significance and implications of adopting IFRS for SMEs, thereby providing valuable insights for practitioners, regulators, and stakeholders in the financial reporting ecosystem.
Hivatkozások
- S. Kennard és P. P. Witmer, „The European Uninion's Role in International Standart Setting,” The CPA Journal, p. 75(11).P.18., 2005.
- IASB, „International Accounting Standards Board,” 12 July 2006. [Online]. Available: https://www.ifrs.org/.
- S. Slamp, „The Reform of Accounting Standarts and Its Impact on SMES,” in EC Conference World-led Business: Overcoming Barries to Growth and Improsing Access to Finance , Brussels, 2006.
- IASB, „Accounting Standarts for Small and Medium Sized Entitises,” 4 August 2006. [Online]. Available: https://www.ifrs.org/.
- CMFB, „IASB Standards for Small and Medium - Sized Entities,” 25 July 2005. [Online]. Available: www.cmfb.org.
- IASB, „Accounting Standards for Small and Medium - Sized Entities, Project Report.,” IASB, 2006.
- Pricewaterhouse Coopers, „IFRS for small and medium-sized entities Pocket Guide,” 2009. [Online]. Available: https://www.pwc.com/gx/en/ifrs-reporting/pdf/ifrssme09.pdf.
- CCAGLOBAL, „Financial Reporting by Small and Medium - Sized Enterprises,” 12 October 2006. [Online]. Available: https://ccaglobal.org/.
- S. Tomaszewski és S. Showerman, „‘IFRS in the United States: Challenges and Opportunities’,” Review of Business, pp. 56-71, 2011.
- European Commission, „Commission Wants to Simplify Life for SMEs by Easing the Top 10 Most Burdensome EU Laws,” 14 May 2014. [Online]. Available: https://ec.europa.eu/commission/presscorner/detail/en/IP_13_188.
- P. Paul, „The IFRS for SMEs from: The Routledge Companion to Accounting, Reporting and Regulation Routledge,” Routledge, pp. 5-8, 2013.
- B. Maria-Gabriella, D. Paola, M.-K. Lorena és P. Paola, „Accounting Harmonization for SME-S in Europe: Some Remarks on IFRS for SME-S and Empirical Evidences,” Economic Research-Ekonomska Istraživanja, pp. 1-26, 2012.
- IASD, „International Accounting Standards Board,” June 2004. [Online]. Available: https://www.ifrs.org/content/dam/ifrs/project/ifrs-for-smes-standard-2009/dponsmes.pdf.
- S. Haswell és I. Langfield-Smith, „Fifty-seven Serious Defects in “Australian” IFRS,” Australian Accounting Review, pp. 46-62, 2008.
- EFRAG, „2022 Thought leadership,transparency and public accountability,” EFRAG, 2022.
- KMPG, September 2023. [Online]. Available: https://assets.kpmg.com/content/dam/kpmg/xx/pdf/2023/09/isg-2023-insights-an-overview.pdf.
- KPMG, „Share-based payments IFSR 2 Handbook,” November 2018. [Online]. Available: https://assets.kpmg.com/content/dam/kpmg/be/pdf/2019/01/ifrs-2-handbook-2018.pdf.
- IFSR, „Foundation Supporting Material for the IFRS for SMEs® Standard,” October 2015. [Online]. Available: https://www.ifrs.org/content/dam/ifrs/supporting-implementation/smes/module-01.pdf.
- S. Wahaj, „IFRS vs. IFRS for SMEs,” 18 July 2023. [Online]. Available: https://www.linkedin.com/pulse/ifrs-vs-smes-wahaj-siddiqui/.
- J. Hinke és J. Zborková, „Comparison of Approaches to Financial Reporting of Non-current Assets According to the IFRS for SMEs and IAS/IFRS,” Procedia Engineering, pp. 5-8, 2014.
- N. Sivaram, „The Future of Financial Reporting SME Standards,” Business Times, p. 6, 2006.
