Implementation of IFRS for SMEs in Emerging Economies: Stakeholder Perceptions in the Czech Republic,Hungary, Romania and Turkey |
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Authors: | C?t?lin Nicolae Albu Nadia Albu Szilveszter Fekete Pali‐Pista Maria M?d?lina Gîrbin? Seval Kardes Selimoglu Dániel Máté Kovács János Lukács Gergely Mohl Libu?e Müllerová Marie Paseková Aylin Poroy Arsoy Bar?s Sipahi Jiri Strouhal |
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Institution: | 1. The Bucharest University of Economic Studies, , Bucharest, Romania;2. Babe?‐Bolyai University of Cluj‐Napoca, , Cluj‐Napoca, Romania;3. Anadolu University, , Eskisehir, Turkey;4. Corvinus University of Budapest, , 1093 Budapest, Hungary;5. University of Economics Prague, , 130 67 Prague 3, Czech Republic;6. Tomas Bata University Zlin, , 760 01 Zlín, Czech Republic;7. Uludag University, , 16059 Nilüfer/Bursa, Turkey;8. Marmara University, , 347222 Kad?k?y – ?stanbul, Turkey |
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Abstract: | This research investigates the perceptions of stakeholders involved in financial reporting in four emerging economies (the Czech Republic, Hungary, Romania, and Turkey) regarding the possible implementation of IFRS for SMEs, in terms of costs, benefits, and strategy of adoption. In‐depth, semi‐structured interviews were conducted with representatives of main stakeholders (preparers, auditors, regulators, professional bodies, and users). We find more support for IFRS for SMEs implementation in these four countries than suggested by the results of the European Commission's 2010 consultation for the European Union. Interviews reveal differences between stakeholder groups and between countries regarding the preferred implementation approach (mandatory adoption, voluntary adoption or convergence of national regulations with IFRS for SMEs). Interviews indicate the most support for the convergence approach. However, users oppose convergence and prefer the adoption of IFRS for SMEs. The convergence approach moves regulators' attention from users' needs to preparers' preferences and preparedness. This finding is relevant in the decision‐making process of national regulators, who should balance the needs of various stakeholders, but also the country's political and economic objectives. |
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