Acta Univ. Agric. Silvic. Mendelianae Brun. 2012, 60(2), 37-44 | DOI: 10.11118/actaun201260020037

In what ways are countries which have already adopted IFRS for SMEs different

Hana Bohušová1, Veronika Blašková2
1 Ústav účetnictví a daní, Mendelova univerzita v Brně, Zemědělská 1, 613 00, Brno, Česká republika
2 Ústav statistiky a operačního výzkumu, Mendelova univerzita v Brně, Zemědělská 1, 613 00, Brno, Česká republika

Small and medium sized companies have an important position in the economy, mainly in the area of employment. SMEs are crucial to most developed and developing economies. SMEs are a heterogeneous group, possessing different size, sector, or location. Their activities on the international markets are limited by a great deal of obstacles in comparison to large enterprises. Different national financial reporting and tax systems can be considered as the most important obstacles (European Commission, 2003).
The International Accounting Standards Board (IASB) published an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized entities on July, the 9th 2009. The IFRS for SME is designed to meet the financial reporting needs of entities that (a) do not have public accountability and (b) publish general purpose financial statements for external users.
The aim of the paper is to evaluate the current approach to the IFRS for SME adoption and implementation over the world, and to analyze the problems connected with harmonization of financial reporting legislation used by SMEs all over the world. In the paper are identified common characteristic of countries which have already the IFRS for SME adopted.
The statistical methods were used for comparison of countries which have already the IFRS for SMEs adopted with those which have not adopted it yet. The level of economic development of the particular country and other characteristics were used for comparison.

Keywords: SME, IFRS for SME, harmonization, adoption of IFRS for SME

Received: November 30, 2011; Published: October 3, 2013  Show citation

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Bohušová, H., & Blašková, V. (2012). In what ways are countries which have already adopted IFRS for SMEs different. Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis, 60(2), 37-44. doi: 10.11118/actaun201260020037
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