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دانلود پاورپوينت پيرامون The IFRS for SMEs Adoption & Implementation Challenges
11 اسلاید
چکيده محتواي فايل:
The IFRS for SMEs –Adoption & Implementation Challenges
nSMEs are drivers of economic growth & contributes: employment opportunities, generating higher production volumes, increasing exports & introducing innovation & entrepreneurship skills.
nSMEs – first step towards industrialization
ntheir dynamic role as engines through which (developing) countries’ growth objectives can be achieved.
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nMany corporate collapses and fraudulent financial reporting practices tarnished the reputation of accountants and resulted in a credibility crisis for the accounting profession.
nThe profession responded by developing IFRS for SMEs to achieve a more transparent and principles-based financial reporting framework.
Who is the Standard aimed at?
Millions of companies (over 99%)!
§The 52 largest stock exchanges in the world together have about 45,000 listed companies
Europe has roughly 28 million SMEs
UK: 4.7 million (99.6% under 100 employees)
USA has about 25 million, Brazil: 6 million
Other developing and less developed countries, …..
Challenges for SMEs – European Commission report:
“main problems for SMEs access to financing”
“SMEs in many (EU) countries continue to use less external financing (loans, leasing, donor programs, project financing, etc”
“Of huge importance for the SME development is the good information provision”
Benefits of IFRS for SMEs
nIASB (2007c, p. 3), IFRS for SMEs would provide:
nimprove the comparability of financial information;
neasier to implement cross-border acquisitions / partnerships;
nto reach international markets,
nenhance the financial health of the SMEs.
nDespite the benefits cited above, IFRS for SMEs still have considerable threats, including the possibility of cost of its adoption exceeding the anticipated benefits. Consequently, mixed reactions have continued.e
nBig GAAP – Small GAAP (for SMEs), ongoing debate since 1800s.
nIn 1886 the Interstate Commerce (US) considered whether corporations adopt a uniform Acc. system (Ho & Shying, 2007).
nSome commentators supported and other argued against ….
nIn 1995 the Private Co. Fin. Rep. Task Force of the AICPA concluded: the benefits for SMEs in complying with GAAP outweigh the costs.
nElsewhere, many national standard-setters have introduced differential reporting for SMEs, resulting in diverse practices by standard-setters, preparers and users of SME financial statements.
nIn 2004, IASB published a discussion paper on the preliminary views on financial reporting standards for SMEs.
nIn 2007, the IASB published “The Exposure Draft (ED) of IFRS for SMEs which incorporated approximately 15% of IFRS applicable to large and listed entities (SAICA, 2007a:2).
nIn 2009, the IASB formally adopted the ED on IFRS for SMEs as an IFRS (IASB, 2009a:1).
n2004-2009 IASB considered 162 letters of comment on the ED (IASB, 2009b:1).
nCritics: Hong Kong Institute of CPA, European Accounting Association Financial Reporting Standards Committee, Association of Finnish Accounting Firms, Institute of CA Australia
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