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hallenges and potential advantages in adopting the International Financial Reporting Standard for
Finance & Accounting
Pages 10 (2510 words)
IFRS FOR SMEs IN UAE Name of the Student University Date Table of Contents Introduction 4 Research Question 5 Literature Review 5 Factors that lead the SMEs to adapt to the IFRS 5 Need of International SME accounting standards 6 IFRS catering to the financial reporting needs of the SMEs 8 Disadvantages of implementing IFRS in SME 9 A local perspective 10 Research Methodology 11 Research Philosophy 11 Research Approach 12 Research Approach 12 Data Collection 12 Ethical Consideration 13 Conclusion 14 References 15 Introduction International Financial Reporting Standard was issued by International Accounting Standards Board (IASB) for small and medium-sized enterprises in the year 2009.
Besides that, the users of the financial statement of the SMEs are also benefitted from this, since the information provided can be compared with the international standards as the SMEs are also seen to deal with the venture capital firms, credit rating agencies, customers, suppliers, financial institutions and investors who are operating outside the home countries of the SMEs. However, the extant IFRSs cannot be used to meet the need of SME financial statement comparable to the international standard as they are designed especially to meet the financial reporting needs of the large businesses, that are operating in the globalised financial market and very little in regards to the economic compliance burden on the smaller businesses (Devi, 2003; IASB, 2009; Thompson, Sian & Roberts, 2006). ...
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