Splitting Accountability Hairs: Anomalies in the Adaptation of IFRS for SMEs in the UK and Ireland

IF 4.6 Q1 BUSINESS, FINANCE Accounting in Europe Pub Date : 2020-05-03 DOI:10.1080/17449480.2020.1764601
Imam Arafat, T. Dunne, A. H. Ahmed
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引用次数: 6

Abstract

Abstract Recent years have witnessed a significant shift in the financial reporting frameworks available in the UK and Ireland affecting entities of all sizes with the Financial Reporting Council issuing three financial reporting standards replacing the extant UK GAAP. This paper reports the results of a content analysis of 151 comment letters sent to the standard-setter in response to its policy proposal. The paper explains why the standard-setter stepped back from its controversial proposal to enforce IFRS for SMEs based on the absence of public accountability. Additionally, the standard-setter addressed all concerns positively apart from two, representing two anomalies. First, despite being opposed by the majority of the respondents, the standard-setter published a new framework for wholly-owned subsidiaries of listed companies allowing them to make substantially less disclosure. Second, the standard-setter is yet to respond to the call by the accounting profession and the Not-for-profit sector to publish a sector-specific framework.
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分责制:英国和爱尔兰中小企业国际财务报告准则适应中的异常
近年来,英国和爱尔兰的财务报告框架发生了重大转变,影响了各种规模的实体,财务报告委员会发布了三个财务报告标准,取代了现有的英国公认会计准则。本文报告了对发给标准制定者回应其政策建议的151封评论信的内容分析结果。这篇论文解释了为什么准则制定者放弃了其有争议的建议,即基于缺乏公共问责制而实施《中小型企业国际财务报告准则》。此外,标准制定者积极地解决了所有问题,除了两个,代表两个异常。首先,尽管遭到大多数受访者的反对,准则制定者还是发布了一个针对上市公司全资子公司的新框架,允许它们大幅减少信息披露。其次,标准制定者尚未回应会计专业人士和非营利部门发布特定行业框架的呼吁。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Accounting in Europe
Accounting in Europe BUSINESS, FINANCE-
CiteScore
5.00
自引率
7.10%
发文量
14
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