scholarly journals THE ACCOUNTING STANDARDS AND FINANCIAL REPORTING IN ALBANIA

2016 ◽  
Vol 4 ◽  
pp. 092-097
Author(s):  
Rezarta Shkurti ◽  
Brunilda Duraj
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
Current Status ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Non Profit ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Medium Enterprises

Albania implemented its first set of 14 National Accounting Standards (NAS), which were prepared in compliance with the International Financial Reporting Standards, in 2009. The 15th standard, specifically the Accounting Standard for financial reporting by micro-entities, was added to this set in 2011 and a 16th standard, relating to the reporting for non-profit enterprises, was added in 2015. In 2014, the National Accounting Council of Albania (NACA) performed a major revision of this existing framework of NAS. The focus of this paper is to analyze the current status, as well as the development of accounting and financial reporting in Albania for the Small and Medium Enterprises (SMEs). An international standard of financial reporting for SMEs was issued by the International Accounting Standards Board but was not fully endorsed by the European Community, nor by the NACA, who instead chose to revise their current NAS. In this study, we provide a general overview of the accounting regime and platforms currently applied in Albania, by focusing on the changes over the recent years. We also depict the main differences between the IFRS for SMEs and the NAS in Albania in treatment of several elements of the financial statements.

scholarly journals Financial Accounting Standards for Micro, Small & Medium Entities (SAK EMKM) Implementation and Factors That Affect It

2018 ◽  
Vol 15 (2) ◽  
pp. 50
Author(s):  
Nur Diana Adhikara
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Fundamental Problem ◽  
Accounting Standards ◽  
Financial Statements ◽  
Educational Background ◽  
Financial Accounting ◽  
Accounting Standard ◽  
Level Of Understanding ◽  
Medium Enterprises

The low understanding of accounting and financial accounting standards is a fundamental problem for Micro, Small & Medium Enterprises (MSMEs) in Indonesia. This makes it difficult to prepare and manage financial statements. The presence of the Financial Accounting Standards for Non-Publicly-Accountable Entities (SAK-ETAP) on January 1, 2011, is expected to accommodate small and medium enterprises in making easy, transparent and accountable financial statements. But In fact, many MSMEs that have not been able to apply SAK ETAP properly because it is considered to be too complex and not by the financial reporting needs of MSMEs. On January 1, 2018, SAK EMKM was enacted as a standard that could help about 57.9 million MSME entrepreneurs in Indonesia in properly preparing their financial statements without having to get caught up in the complexity of it. SAK EMKM is a much simpler financial accounting standard than SAK ETAP. This study aims to provide empirical evidence on the perception of MSME business actors regarding the importance of financial bookkeeping and reporting for their business and the factors that affect the level of understanding of MSME’s related to SAK EMKM. The sample of research was MSMEs business actors in Malang Raya with purposive sampling method with the total of 225 respondents. The results showed that company size, educational background, and level of education affect the MSME business entrepreneurs' perception of the importance of financial bookkeeping and reporting. While the level of understanding of MSME business entrepreneurs of SAK EMKM is affected by the level of information on SAK EMKM, educational background and education level of the MSME business actors.

scholarly journals THE IMPORTANCE OF THE CONVERGENCE OF INTERNATIONAL ACCOUNTING STANDARDS TO THE NATIONAL ACCOUNTING SYSTEM OF UZBEKISTAN

World Science ◽  
2019 ◽  
Vol 2 (1(41)) ◽  
pp. 19-22
Author(s):  
Ergasheva Shahlo Turgunovna ◽  
Shermatov Behzod Xalimkul
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Stock Exchanges ◽  
Accounting System ◽  
International Accounting Standards ◽  
Accounting Systems ◽  
Foreign Investors ◽  
National Accounting ◽  
Financial Reporting Standards ◽  
Speed Up

The actuality of the research:-Economic integration-Comparability & uniformity of financial statements-Attracting potential foreign investors.-The requirement of the world financial markets & stock exchanges. -The decreasing of costs of learning local standards.-The aim of research are:-Carrying out the improvement of our accounting systems to speed up the development of our country with the help of foreign investors’ capital.Developing our national accounting standards based on international financial reporting standards and to reveal the problems associated with this.

scholarly journals INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR SMALL AND MEDIUM ENTERPRISE (IFRS FOR SMES) AND THE STATEMENT OF ACCOUNTING STANDARDS (SAS): A COMPARATIVE STUDY

2016 ◽  
Vol 1 (3) ◽  
pp. 79
Author(s):  
Muotolu Peace Chikwemma ◽  
Egungwu Ngozi Ursula ◽  
Anichebe Alphonsus Sunday
Keyword(s):  
Financial Reporting ◽  
Small Firms ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
Reporting Standard ◽  
International Financial Reporting Standard ◽  
Financial Reporting Standards ◽  
Entrepreneurial Spirit ◽  
Medium Enterprise ◽  
Medium Enterprises

Purpose: Micro, small and medium-sized enterprises (SME) are the engines that propel the world economy; they are essential sources of jobs, they create entrepreneurial spirit and innovation in the economy and are thus crucial for fostering competitiveness and creativity. The objective of this study therefore, is to ascertain the need for International Financial Reporting Standard for Small and Medium Enterprises (IFRS for SMEs) instead of Statement of Accounting Standards (SAS), to ascertain the extent to which IFRS aids managements in attaining goals and objectives as well as improving its market share and to ascertain the challenges for Non-compliance (causes and penalties) with international financial reporting standard for Small and Medium Enterprises.Methodology: Analysis of variance (ANOVA) was used to test hypothesis.Results: The findings were; a major factor why IFRS is adopted by Nigeria is because other countries have adopted it, the size of entities to participate in IFRS for SMES varies, adopting a globally accepted financial reporting is relevant to small firms as they operate in a globalized world.Policy recommendation: This study recommends that the IASB should ensure full implementation/compliance of IFRS for SME by companies that fall under that category, the cost of acquiring IFRS education should also be subsidized for small firms by major accounting regulatory bodies in Nigeria.

scholarly journals The effect of the implementation of financial accounting standards on MSMEs

Accounting ◽  
2022 ◽  
Vol 8 (2) ◽  
pp. 209-216 ◽  
Author(s):  
Hendra Raza ◽  
Jumadil Saputra ◽  
Zikri Muhammad
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
Financial Accounting ◽  
Cross Sectional ◽  
Financial Reporting Standards ◽  
Positive Effects ◽  
Aceh Province ◽  
The Difference ◽  
Medium Enterprises

Over the last two decades, the global financial landscape has changed dramatically, including the corporate and political climates, the creation of more market-based economies, and rapid technological advancements. Micro, Small, and Medium Enterprises (MSMEs) is one form of market-based economies created with the most significant business opportunities and very important socially and economically in developing countries for many reasons. However, MSMEs face significant difficulty related to financial reporting standards to evaluate the achievement of business activities. Most MSMEs use a simple form for financial reporting, such as by calculating the difference between inflow and outflow from their business activities. Also, numerous previous studies that focus on Financial Accounting Standards in Indonesia are still limited. Thus, the present study investigates the factors that influence the implementation of Financial Accounting Standards (FAS) of Micro, Small, and Medium Enterprises (MSMEs) in Aceh Province, Indonesia. This quantitative study uses cross-sectional data collected by distributing 200 questionnaires to MSMEs actors that spread North Aceh Regency, namely Lhokseumawe city and Bireuen regency. The data are analyzed using descriptive statistics (e.g., frequency, percentage, mean, standard deviation) and inferential statistic (multiple linear regression) analyses. The study indicated that Perception, Education, Socialization and Incentive factors had significant positive effects on implementing Financial Accounting Standards of Micro, Small, and Medium Enterprises (MSMEs) in Aceh Province, Indonesia. In conclusion, this study has successfully investigated the factors that influence the implementation of Financial Accounting Standards of Micro, Small, and Medium Enterprises (MSMEs) in Aceh Province.

scholarly journals IFRS convergence: opportunities and challenges in India

2017 ◽  
Vol 1 (2) ◽  
pp. 13-18 ◽  
Author(s):  
Parvathy P. R.
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Financial Statement ◽  
International Accounting ◽  
International Accounting Standards ◽  
Accounting Standard ◽  
Financial Reporting Standards ◽  
The World ◽  
Global Language ◽  
International Boundaries

Past decade has witnessed several changes in the process of conduct of business activities across the world especially due to the wave of globalization. It has also made drastic changes in the process of financial reporting, in particular the continuing adoption of IFRS (International Financial Reporting Standards) worldwide. IFRS are high quality, understandable, enforceable and globally acceptable accounting standards issued by IASB (International Accounting Standard Board). Thus these are a set of international accounting standards stating how a particular type of transaction and other events should be reported in the financial statements. Thus IFRS are designed as a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. IFRS is becoming the global language of business with over 40% of the world adopting this as their standard for reporting. India also decided to converge to IFRS from 1st April 2016 in a phased manner, which in turn improves the financial statement comparability and transparency that helps to attract greater cross border investments. This paper focuses on the convergence of IFRS with Indian Accounting Standards, its utility, issues and challenges faced by the stakeholders. It also throws light to the ways through which problems can be addressed.

scholarly journals STANDAR AKUNTANSI INTERNASIONAL: HARMONISASI VERSUS KONVERGENSI

2013 ◽  
Vol 2 (1) ◽  
Author(s):  
Novi Kurniawati
Keyword(s):  
Financial Reporting ◽  
Small And Medium Enterprises ◽  
Accounting Standards ◽  
International Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Financial Reports ◽  
State Sector ◽  
Financial Disclosures ◽  
Medium Enterprises

<p><em>Globalization brings changes to the capital markets and business operations across borders. State sector in a multinational company is required to make financial reports that can be received throughout the world, but in every country have their own accounting standards are of course different between a country's accounting standards with other countries. For it requires the international accounting standards, so that financial disclosures made by a company in a country multinational globally acceptable. Application of international accounting standards is very difficult because of differences in both legal, environmental, social and economic conditions between one country to another and to bridge it then requires the process of harmonization and convergence. There is a difference between the process of harmonization and convergence of international accounting standards. Only at the stage of harmonization, alignment of accounting standards issued by standard-setting bodies in each country with International Accounting Standard (IAS), while convergence is the next stage of the harmonization of accounting standards which are expected in the context of international standards aimed at eventually there would be only one standard. The process of harmonization and convergence of international accounting standards is not easy to just run, many obstacles and criticisms of the process of harmonization and convergence in which the harmonization and convergence is only suitable for large companies are multinational companies rather than small and medium enterprises, although there are also advantages that can be obtained from the harmonization and convergence of international accounting standards, among others comparable financial reporting, increase transparency, reduce costs and increase global investment capital. </em></p> <p><em> </em></p> <p><strong><em></em></strong><em></em></p>

Accounting Concepts in Company Law

2021 ◽  
Vol 18 (3) ◽  
pp. 398-427
Author(s):  
Jesper Seehausen
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Fair Value ◽  
Company Law ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Eu Legislation ◽  
Starting Point ◽  
Pros And Cons

Abstract Taking as a starting point Peter Hommelhoff’s argumentation that accounting law is, in many respects, linked to company law, the purpose of this article is to discuss one perspective of the links between accounting law and company law: accounting concepts in company law. After a brief outline of the existing EU legislation on accounting and a discussion on whether accounting law is part of company law, some examples of accounting concepts in company law – i. e. examples of accounting concepts that have been ‘implemented’ in company law – are discussed, drawing on the Consolidated Company Law Directive (CCLD) and the Shareholder Rights Directive (SRD 2) as well as the International Accounting Standards (IAS) and the International Financial Reporting Standards (IFRS). These examples are related party transactions, consideration other than in cash and fair value, serious loss of the subscribed capital as well as a few other examples. It is also discussed whether accounting concepts in company law are a ‘good’ or a ‘bad’ thing. Balancing the pros and cons, in the author’s opinion, it is mostly positive that accounting concepts are used in company law in areas where this makes sense – and hence, in the author’s opinion, accounting concepts in company law are mainly a ‘good’ thing.

scholarly journals International Financial Reporting Standards and Orientation of Vietnam: “Roadmap & International Experience”

2018 ◽  
Vol 7 (4) ◽  
pp. 167
Author(s):  
Ha Thi Thuy Van ◽  
Vu Thi Kim Anh ◽  
Nguyen Dang Huy
Keyword(s):  
Financial Reporting ◽  
Accounting Standards ◽  
Asia Pacific ◽  
International Financial Reporting Standards ◽  
International Accounting ◽  
International Accounting Standards ◽  
Reporting Standards ◽  
Financial Reporting Standards ◽  
Advantages And Disadvantages ◽  
The World

Currently, the Ministry of Finance is implementing Decision 480/QD-TTG dated 03/18/2013 of The Prime Minister on approving the Strategy Accounting - Audit 2020, Vision 2030 and implementing the Resolution 35/NQ-CP of the Government dated 16.05.2016 related to the support and development of enterprises by 2020. Accordingly, the development and improvement the legal framework of Financial Reporting standards in Vietnam is one of the key tasks and urgent needs to be developed to meet the requirements of the economy in the period of integration. The system of International Accounting Standards, including the International Accounting Standards (IAS) and the standards of international financial reporting (IFRS) was issued, adjusted, updated and replaced by The International Accounting Standards Board. International Accounting Standards is an important condition to ensure that companies and organizations around the world can apply uniform accounting principles in the work of preparing and presenting financial statements. Currently, many countries around the world such as USA, Japan and European countries, Asia Pacific are approaching IFRS convergence trend. In the trend of globalization of accounting, Vietnam will not be outside the process of integration with the system of International Financial Reporting Standards. This article will review the process of formation and development of IFRS, the IFRS trends and the advantages and disadvantages of applying IFRS in Vietnam. 

Adoption of IFRS in Japan: challenges and consequences

2015 ◽  
Vol 27 (1) ◽  
pp. 3-27 ◽  
Author(s):  
Noriyuki Tsunogaya ◽  
Andreas Hellmann ◽  
Simone Domenico Scagnelli
Keyword(s):  
Financial Reporting ◽  
Design Methodology ◽  
Accounting Standards ◽  
Accounting System ◽  
International Accounting Standards ◽  
Content Type ◽  
Financial Reporting Standards ◽  
Institutional Complementarity ◽  
Accounting Environment ◽  
Social Organizational

Purpose – The purpose of this study is to provide a rigorous and holistic analysis of the main features of the Japanese accounting environment. It also raises issues related to the adoption of International Financial Reporting Standards (IFRS) in Japan. Design/methodology/approach – For the purpose of investigating the Japanese accounting system, this study applies the accounting ecology framework developed by Gernon and Wallace (1995) and provides a content analysis of relevant meetings of the Business Accounting Council of Japan. Findings – The findings of this study provide evidence that it would be problematic to require the adoption of IFRS for all listed companies in Japan. The main reason for this is that the Japanese policymakers and standard-setting bodies follow two objectives: enhancing the international comparability of financial reporting and maintaining institutional complementarity between financial reporting and other infrastructures such as accounting-related laws. Research limitations/implications – This study is relevant for accounting researchers and professionals with an interest in Japanese accounting practices. It is also useful for the International Accounting Standards Board and representatives of countries planning to adopt IFRS in the future. Originality/value – The findings of this study show that contextual issues such as social, organizational and professional environments cannot be ignored in the adoption of IFRS in Japan.

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