Embracing International Financial Reporting Standards (IFRSs) and SME IFRSs

implications for emerging economies

Parmod Chand, Michael White

Research output: Chapter in Book/Report/Conference proceedingConference proceeding contribution


The International Accounting Standards Board (IASB) has extended its convergence project to meet the needs of small and medium-sized enterprises (SMEs). It is developing a separate set of financial reporting standards that are suitable to SMEs. The countries adopting the SME International Financial Reporting Standards (IFRSs) are allowed discretion by the IASB on how to distinguish between large entities and SMEs. Countries adopting the IFRSs and SME IFRSs would need to embrace at least a two-tiered model which encompasses the distinctive characteristics of both large entities and SMEs. It is important that the distinction between large entities and SMEs are thoughtfully made by both local and international standard setters. With particular reference to Fiji, this paper has demonstrated that countries are struggling to identify the appropriate strategy to employ in adopting both IFRSs and SME IFRSs together. This paper offers implications on how countries can embrace both IFRSs and SME IFRSs that are compatible with the social and economic environment of the country and the information needs of its users.
Original languageEnglish
Title of host publication2007 AFAANZ conference
Subtitle of host publicationpapers
Place of PublicationGold Coast, Qld.
PublisherAccounting and Finance Association of Australia and New Zealand
Number of pages33
Publication statusPublished - 2007
EventAccounting Association of Australia and New Zealand Conference (2007) - Gold Coast, Qld.
Duration: 1 Jul 20073 Jul 2007


ConferenceAccounting Association of Australia and New Zealand Conference (2007)
CityGold Coast, Qld.


  • small and medium-sized enterprises
  • accounting standards
  • relevance

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