Original scientific paper

THE POSIBILITIES OF IMPLEMENTING THE IFRS FOR SMALL AND MEDIUM-SIZED ENTITIES – AN ANALYSIS

Ivana Mamić Sačer
Sanja Sever
Ana Oluić

Abstract

International Accounting Standards Board in February 2007 published on its web site the Exposure Draft of the proposed International Financial Reporting Standard (IFRS) for small and medium – sized entities and made it available to the whole economic public for analysing. This paper elaborates the most of comments regarding the Exposure Draft. Taking into consideration needs of small and medium-sized entities as well as user’s nee-ds, every creator of financial reports agrees that proposed IFRS for SMEs are significantly simplifi ed in comparison with the full IFRS. However, they also agree that there is a lot of work to be done in order to create a standard due to the harmonization of accounting standards which is taking place globally. The paper presents an analysis of present accounting solutions for financial reporting of SMEs on the example of selected countries. This is important for analysing the possibility of IFRS for SME’s implementation within the present regulatory framework for financial reporting.

Keywords

small and medium-sized entities; IFRS; national accounting standard; financial reporting

Hrčak ID:

23064

URI

https://hrcak.srce.hr/23064

Publication date:

25.4.2008.

Article data in other languages: croatian

Visits: 5.359 *