The stakes in applying the International Financial Reporting Standards (IFRS) within the small and medium enterprises
26/2008 , p43..54
Author(s):
Liliana FELEAGĂ
Niculae FELEAGĂ
Cristina VASILE
Keywords:
IFRS, SMEs, accounting reforms, benefits and risks for implementing the IFRS, international convergence
Abstract:
In 2002, the European Parliament considered that all the listed European companies, should be required to prepare consolidated accounts in accordance with the international accounting standards dating 2005. This decision has lead to a real controversy of the accounting systems throughout the European continent. Previously targeting large corporations, the IFRS nowadays aim the small and medium enterprises (SMEs) as well. The objective of our study is to emphasize the main features and the particularities of the SMEs’ accounting reforms. In this context, we present comments and suggestions over the draft of the IFRS book for this category of enterprises. In addition, our study intends to expose the interest of large companies in the process of adopting the international standards, because the choices made by the Romanian regulators in order to achieve a certain degree of convergence at an international level, most certainly affects the drawing and interpretation of financial information for SMEs.
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