RECENT EVOLUTIONS REGARDING IFRS FOR SMES
Supp/2008 , p324..333
Author(s):
Nicoleta FARCANE
Adina Popa
Keywords:
Financial reporting, International Financial Reporting Standards, SMEs, non public entity
Abstract:
After the implementation of the IFRS standards in over 100 countries a new project has got birth in the IASB concerns: what accounting standards should SMEs apply? This IASB project has determined a lot of discussions and different views regarding the suitable standards for SMEs. If IFRS gained an important role as the international financial reporting standards, we believe that the same will happen with the IASB standards for SMEs. The adoption of IFRS for SMEs will be decided by the governmental or professional institutions, which have an important role in the development of standards in every country. The objective of this paper is to highlight the importance, the need, and the recent evolutions of the IFRS for SMEs and the impact which this evolution could have in relationship with the actual concerns of the Romanian Ministry of Finance and the Romanian professional institutions.The need of an autonomous and simplified set of standards for SMEs has appeared in the last few years, and IASB is not the only institution which takes into account the development of such financial reporting standards. The project related to IFRS for SMEs represents an important event, which could have a real impact on the accounting and audit standards that will be issued in the future by institutions involved in the development of these standards.
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