Acta Univ. Bohem. Merid. 2013, 16(2):149-155 | DOI: 10.32725/acta.2013.014554

Implementation of IFRS for SME in Agricultural Enterprises in the Czech Republic

Lucie Bartůňková
Mendel University in Brno

Keywords: IFRS for SME, Small and medium-sized enterprises, Agriculture, Advantages and disadvantages

With the growing importance of small and medium-sized enterprises there is also need to harmonize their financial statements. In this connection IFRS for SME has been developed but currently, it is not part of Czech or European accounting legislation. However, there are some countries in the world that have already adopted this standard and incorporated it in their national legislation. The aim of this paper is to identify the advantages and disadvantages associated with the implementation of IFRS for small and medium-sized enterprises involved in agricultural activities and operating in the Czech Republic. This paper is based on existing experience with implementation of the standard in some countries of the world and a questionnaire survey which was carried out on a sample of agricultural enterprises in the Czech Republic. From the survey it is evident that the representatives of the accounting units interviewed are concerned predominantly about greater administrative burden, which is already now considered to be a major obstacle in the business of small and medium-sized enterprises in the Czech market, and a number of them are also concerned about high implementation costs connected with the adoption of IFRS for SME.

JEL classification: M41

Published: January 31, 2014  Show citation

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Bartůňková, L. (2013). Implementation of IFRS for SME in Agricultural Enterprises in the Czech Republic. Acta Universitatis Bohemiae Meridionalis, 16(2), 149-155. doi: 10.32725/acta.2013.014
Share...
Download citation
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Open full article

    References

    1. Aamir, S., & Farooq, U. (2010). IFRS For SMEs: Assessing The Preparedness Of SMEs In Sweden To Adopt International Financial Reporting Standard (IFRS) For Small And Medium-sized Entities (SMEs). LAP LAMBERT Academic Publishing. 128 p.
    2. Arsoy, A. P., & Sipahi, B. (2009). International financial reporting standards for small and medium sized entities and the Turkish case. Ankara Universitesi SBF Dergisi, pp. 62 - 64.
    3. Bohušová, H. (2007). The Possible Ways to IFRS for SME Development. Acta universitatis agriculturae et silviculturae Mendelianae brunensis, 55(6), 9-17. Go to original source...
    4. Deaconu, A. (2006). Standarde contabile pentru intreprinderimicisimijlocii (Accounting standards for small and medium enterprises), In Congresul al XVI-lea al Profesiei Contabile din Romania: Profesia contabilasi globalizarea: Bucuresti, 15-16 septembrie 2006, CECCAR, Bucuresti, 305-314.
    5. Dvořáková, D. (2012). Specifika účetnictví a oceňování v zemědělství. Praha: Wolters Kluwer ČR, a.s.
    6. European Commission. (2003). SMEs in Europe 2003. Observatory of European SMEs. Retrieved from http://ec.europa.eu/enterprise/policies/sme/files/analysis/doc/smes_observatory_2003_report7_en.pdf.
    7. European Commission. (2010). Summary Report of the responses received to the Commission's Consultation on the International Financial Reporting Standard for Small and Medium-sized Entities. Retrieved from http://ec.europa.eu/internalmarket/accounting/docs/ifrs/2010-05-31_ifrs_sme_consultation_summary_en.pdf.
    8. Fekete, S., Cuzdriorean-Vladu, D.M., Albu, C.N., & Albu, N. (2012). Is SMEs accounting influenced by taxation? Some empiric evidence from Romania. African Journal of Business Management 6(6), 2318-2331. Go to original source...
    9. Hinke, J. (2006). Možnosti implementace prvků mezinárodního účetního standardu IAS 41 - zemědělství do účetnictví zemědělských podniků ČR. Retrieved from http://www.agris.cz/Content/files/main_files/74/152641/031Hinke.pdf
    10. KMPG. (2010). The IFRS for SME: Considering the Alternatives. Retrieved from http://www.kpmg.com/Global/en/IssuesAndInsights/ArticlesPublications/The-IFRS-for-SMEs/Documents/Considering-the-alternatives.pdf
    11. Longenecker, J. G., Moore, C. W., Palich, L. E., & Petty, J. W. (2009). Small Business Management: Launching & Growing Entrepreneurial Ventures. South-Western cengage learning, 768 s.
    12. Müllerová, L., Paseková, M., & Kubíčková, D. (2010). Analysis of Differences in Reporting According to IFRS in SMEs in the Czech Republic and its Influence on Performance Measurement. Praha: Vysoká škola finanční a správní, 4(2), 106-124. Go to original source...
    13. Quagli, A., & Paoloni, P. (2012). How is the IFRS for SME accepted in the European context? An analysis of the homogeneity among European countries, users and preparers in the European commission questionnaire. Advences in Accounting, 28(1), 147-156. Go to original source...
    14. Sacho, Z. Y., & Oberholster, J. G. I. (2008). Factors impacting on the future of the IASB. Meditari Accountancy Research, 16(1), 117-137. Go to original source...
    15. Vojík, V. (2009). Podnikání malých a středních podniků na jednotném trhu EU. Praha: Wolters Kluwer ČR
    16. Žárová, M. (2011). Nová účetní směrnice a rozhodnutí Evropské komise nepodporovat IFRS pro malé a střední podniky v EU. Auditor, časopis Komory auditorů České republiky, 18(10), 9-12.

    This is an open access article distributed under the terms of the Creative Commons Attribution 4.0 International License (CC BY 4.0), which permits use, distribution, and reproduction in any medium, provided the original publication is properly cited. No use, distribution or reproduction is permitted which does not comply with these terms.


    Return to the content