International Journal of Academic Research in Business and Social Sciences

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The Uses of Financial Reporting Standard for Small Medium Enterprise Companies

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Norfadzilah Rashid, Wan Norhayate Wan Daud, Fakhrul Anwar Zainol, Fauzilah Salleh, Ahmad Shukri Yazid, Wan Anisah Endut, Noryati Yaakub, Puspa Liza Ghazali, Asyraf Afthanorhan, Berhanundin Abdullah

Pages 1331-1338 Received: 06 Nov, 2018 Revised: 30 Nov, 2018 Published Online: 08 Dec, 2018

http://dx.doi.org/10.46886/IJARBSS/v8-i11/5174
This paper examines the roles of International Accounting Standard Board (IASB) in introducing a special accounting standard for small and medium-sized enterprise (SMEs) for all around the world. We analyze from previous and latest study about the usefulness of having Exposure Draft (ED) of the IFRS for Small and Medium-sized Entities (SMEs) before implementing a special accounting standard for SMEs. We find that, IASB having difficulties in measuring finance information of SMEs each country since each country need to develop its own accounting standard for SMEs due to economic. However, the limitation in develop accounting standard for SMEs can be solved by having the Exposure Draft. This paper discuss the suggestion to improve the Exposure Draft and the advantages and disadvantage of implementing global accounting standards for SMEs.
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In-Text Citation: (Rashid et al., 2018)
To Cite this Article: Rashid, N., Daud, W. N. W., Zainol, F. A., Salleh, F., Yazid, A. S., Endut, W. A., … Abdullah, B. (2018). The Uses of Financial Reporting Standard for Small Medium Enterprise Companies. International Journal of Academic Research in Business and Social Sciences, 8(11), 1331–1338.