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Embracing International Financial Reporting Standards (IFRSs) and SME IFRSs : implications for emerging economies

Please use this identifier to cite or link to this item: http://hdl.handle.net/1959.14/69980

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Title: Embracing International Financial Reporting Standards (IFRSs) and SME IFRSs : implications for emerging economies
Related: Accounting Association of Australia and New Zealand Conference (1 - 3 July 2007 : Gold Coast, Qld.)
Related: 2007 AFAANZ conference : papers
Related: www.afaanz.org/openconf/afaanz/paper.php?p=176.doc
Publisher: Gold Coast, Qld : Accounting and Finance Association of Australia and New Zealand
Date: 2007
FoR/RFCD Code(s): 150104 International Accounting 150100 Accounting, Auditing and Accountability
Author/Creator: Chand, Parmod
Author/Creator: White, Michael
Description: The International Accounting Standards Board (IASB) has extended its convergence project to meet the needs of small and medium-sized enterprises (SMEs). It is developing a separate set of financial reporting standards that are suitable to SMEs. The countries adopting the SME International Financial Reporting Standards (IFRSs) are allowed discretion by the IASB on how to distinguish between large entities and SMEs. Countries adopting the IFRSs and SME IFRSs would need to embrace at least a two-tiered model which encompasses the distinctive characteristics of both large entities and SMEs. It is important that the distinction between large entities and SMEs are thoughtfully made by both local and international standard setters. With particular reference to Fiji, this paper has demonstrated that countries are struggling to identify the appropriate strategy to employ in adopting both IFRSs and SME IFRSs together. This paper offers implications on how countries can embrace both IFRSs and SME IFRSs that are compatible with the social and economic environment of the country and the information needs of its users.
Description: 33 page(s)
Subject Keyword: 150104 International Accounting
Subject Keyword: 150100 Accounting, Auditing and Accountability
Subject Keyword: small and medium-sized enterprises
Subject Keyword: accounting standards
Subject Keyword: relevance
Resource Type: conference paper
Organisation: Macquarie University. Dept. of Accounting and Finance

Identifier: http://hdl.handle.net/1959.14/69980
Identifier: mq-rm-2007004610
Language: eng
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