Financial Reporting in the Case of Small and Medium Sized Entities: Study on the Perspective of Accounting Professionals
Author:
Master Student Daniel VASIAN; Univ. Prof. Dumitru MATIŞ, Ph.D.; Associate Prof. Carmen Giorgiana BONACI, Ph.D.
JEL:
M41
DOI:
Keywords:
small and medium sized entities, accounting professional, financial reporting, financial statements, International Financial Reporting Standard for Small and Medium-sized Entities
Abstract:
The study develops an analysis on accounting profesionals’ perception regarding the financial reporting process and its particularities in the case of small and medium sized entities. Three specific objectives are therefore followed: to frame the demographic characteristics of the respondents; to reflect the role and the purpose of financial statements in the vision of the accounting professional; and to analyze the hypothetical scenario of implementing the International Financial Reporting Standard for Small and Medium-sized Entities in Romania. The employed research methodology relies on using a questionnaire which was administered to accounting professionals online (indirectly through the Google docs paltform), allowing the development of a data base including the obtained responses. The analysis being developed is based on answers provided by a number of 513 profesional accountants from 17 countys in Romania. Anaylizing the data that was therefore colected allows the identification from the respondents’ perspective of what they see as key issues which might lead to the improvement of the financial reporting process in the case of small and medium sized entities.