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      IFRS for SMEs: A New Zealand perspective

      Samujh, Helen
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      Samujh, R. H. (2007). IFRS for SMEs: A New Zealand perspective. (Department of Accounting Working Paper Series, Number 96). Hamilton, New Zealand: University of Waikato.
      Permanent Research Commons link: https://hdl.handle.net/10289/1669
      Abstract
      The International Accounting Standards Board (IASB) in its concern to reduce the burden of compliance with the International Financial Reporting Standards (IFRS) has released its draft IFRS for small and Medium-sized Enterprises (IFSME). The draft proposes reporting standards for non-publicly accountable entities that produce general purpose financial reports. This paper presents the background to the introduction of IFSME, introduces the IASB proposal, outlines the New Zealand (NZ) financial reporting concessions (viz. The exempt company system and the differential reporting framework), and examines the implications of adoption for NZ. It is considered that few entities would be affected by the IFSME, the production and maintenance of a ‘small book’ would be costly, and report preparers need to be cognisance of both the IFRS and the IFSME. The users of financial information, identified by the IASB, rely on other forms of information in NZ to make investment and monitoring decisions. The IFSME appears redundant in the light of the existing frameworks for concessions. Further, it appears that second-class accountants and entities could emerge if the IFSME were adopted. The author concludes that the IFSME is not appropriate for NZ application and should be rejected.
      Date
      2007-07
      Type
      Working Paper
      Series
      Department of Accounting Working Paper Series
      Report No.
      96
      Publisher
      Waikato Management School
      Collections
      • Management Papers [1125]
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