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IFRS for Small & Medium Entities
Finance & Accounting
Pages 6 (1506 words)
IFRS for Small & Medium Entities Table of Contents Introduction 3 3 Aims Behind Applying IFRS For SMEs 4 Benefits of IFRS for SMEs 5 Implementation Issues of IFRS for SMEs 7 Conclusion and Recommendations 8 References 10 Introduction Small and medium enterprises (SMEs) are extremely crucial for the overall development of an economy.
Moreover, adoption of IFRS by all the SMEs shall not only facilitate commonality among national SMEs accounting standard but it shall also facilitate in harmonisation of SMEs accounting standard across the world (Pascu & Vasiliu, 2011) Primarily the objectives of IFRS for SMEs have been to support its accounting and financial reporting system as well as dramatically meet the basic financial requirements of these entities which does not have any public accountability and liability to publish financial statement for its external users (Laptes & Popa, 2009). Contextually, this paper critically evaluates the need of IFRS for SMEs and the challenges in adopting IFRS for SMEs. Aims Behind Applying IFRS For SMEs The primary aim of the IFRS for SMEs is to provide a standard for entities in nations that have no national GAAP (Generally Accepted Accounting Principles). IFRS for SMEs shall not facilitate in providing accounting framework in certain specific countries for entities that do not have necessary the resources to adopt full IFRS. Another important aim of the application of IFRS is to provide those nations which have already set-up their own national GAAP with IFRS standards, a framework that shall recognise and understand the needs of accounting framework across the territories. ...
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