Abstract: There is limited evidence from various countries
about the possible impact of various criteria to be used to determine
the scope of the IFRS for SMEs issued in 2009 and, research is
needed in this area. We provide evidence from Romania, an
emerging economy member of the European Union. The aim of this
paper is to analyze in a local setting if size is a relevant factor for
deciding between local and global standards for SMEs. Our results
indicate that size is a moderate indicator of the existence of possible
users interested in financial statements and that there is a difference
between the scopes of the standard determined on various criteria..
Also, we suggest that the international exposure is quite reduced in
the case of SMEs, but is sufficient to suggest that at least some SMEs
would benefit from international comparability of financial
statements
Abstract: The IFRS for Small and Medium-sized Entities
(SMEs) was issued in July 2009 and currently regulators are
considering various implementation strategies of this standard.
Romania is a member of the European Union since 2007, thus
accounting regulations were issued in order to ensure compliance
with the European Accounting Directives. As the European
Commission rejected recently the mandatory use of IFRS for SMEs,
regulatory bodies from the Member States have to decide if the
standard will affect or not the accounting practices of SMEs from
their countries. Recently IASB invited stakeholders to discuss the
revision of IFRS for SMEs. Empirical studies on the differences and
similarities between national standards and IFRS for SMEs could
inform decision makers on the actual level of convergence in
different countries. The purpose of this paper is to provide empirical
evidences on the convergence of the Romanian regulations with IFRS
for SMEs analyzing the results in the context of the last revisions
proposed to the EU Accounting Directives.
Abstract: Increase in globalization of capital markets brings the
higher requirements on financial information provided for investors
who look for a highly comparable information. Paper deals with the
advantages and limitations of applying International Financial
Reporting Standards (IFRS) in the Czech Republic and Ukraine. As a
greatest limit for full adoption of IFRS shall be acknowledged the
strong connection of continental accounting to tax system and
enormous high administrative burden for IFRS appliers.