Original Research

International Financial Reporting standard for Small and Medium-sized entities

Z Koppeschaar
The Southern African Journal of Entrepreneurship and Small Business Management | Vol 5, No 1 | a27 | DOI: https://doi.org/10.4102/sajesbm.v5i1.27 | © 2015 The Southern African Journal of Entrepreneurship and Small Business Management
Submitted: 17 July 2015 | Published: 31 December 2012

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Z Koppeschaar, UNISA

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Abstract

The International Financial Reporting Standard for Small and Medium-sized entities (IFRS for SMEs) was published as a standard by the International Accounting Standards Board (IASB) during July 2009. During 2007 South Africa became one of the first countries and the first country in Africa to early accept the proposed accounting standard (exposure draft of an IFRS for SMEs). The accounting standard will probably also be accepted by numerous other countries. The aim of this article is to investigate the applicability of this accounting standard. The results indicated that the IFRS for SMEs remains too comprehensive for the majority of small companies. The IFRS for SMEs does not satisfy the needs of South African users of small company financial statements, and as a result the accounting requirements should be simplified.

KEYWORDS: Financial accounting; Financial reporting requirements; IFRS for SMEs; Small companies; Users of financial statements; Small company financial statements.


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