The Impact of the Statement of GAAP for SMEs in South Africa
Various support initiatives for SMEs have been introduced by the South African government in recent times. SMEs include about a million enterprises which are highly diversified and absorb approximately about a quarter of the labour force of 15 million people in South Africa（White paper, 1995:5). However, the fact that the sector has been neglected was Acknowledgements in 1995 by the Government of National Unity, simultaneously support for SMEs was expressed by the South African government and further research was encouraged in this field（White paper, 1995:14). Amongst a number of constraints identified for SMEs was a lack of formality in terms of accounting procedures (White Paper, 1995: 8) Generally Accepted Accounting Practice（GAAP), the introduction of International Financial Reporting Standards（IFRS) and the subsequent alignment of South African Accounting Statements of GAAP（SA GAAP) made it even more difficult for SMMEs to adhere to accounting procedures and requirements due to the comprehensiveness and sometimes stringent disclosure and related requirements when compiling financial statements. International Financial Reporting Standards were adopted and implemented by companies with year ends beginning on or after 1 January 2004. In 2007 the International Accounting Standards Board (IASB) proposed new and less stringent reporting requirements for Small and Mediumsized Entities （SMEs) in the form of an exposure draft. South Africa became the first country in the world to formally adopt these reporting requirements as a Statement of GAAP in the exact format of the IASBs exposure draft. At the announcement of the new reporting requirements it was reported that the reporting burden of SMEs will be reduced and that the reporting requirements would be simpler and easier to understand and apply. Since the announcement of IFRS in 2004 large South African companies were required to compile financial statements in accordance with IFRS by the Johannesburg Securities Exchange. Apart from this requirement it was uncertain whether other companies and similar entities had to comply with reporting standards at all. In this study the impact of the new reporting requirements on SMEs is explored, based on current reporting and disclosure practices by SMEs in South Africa. A literature study as well as an empirical study was performed by means of a questionnaire to practicing members of the South African Institute of Professional Accountants and an analysis of SME financial statements in order to determine the current status of reporting and disclosure practices and to arrive at conclusions and recommendations based on this research. It was found that: 1. A considerable number of SME practitioners did not participate in the development of the statement of GAAP for SMEs（adopted from the IFRS for SMEs);2. There is a considerable difference between the contents of the statement of GAAP for SMEs/IFRS for SMEs and current reporting for SMEs in South Africa. Based on the findings of the empirical research and the recommendations made, certain hypothetical statements relating to SMEs were made to demonstrate what the current shortcomings are.
Small Medium Enterprises( SMEs) International Finan-cial Reporting Standards( IFRS) South African Institute for Professional Accountants( SAIPA)
Danie Schutte
North West University, South Africa
国际会议
The Tenth West Lake International Conference on Small & Medium Business(第十届西湖国际中小企业研讨会)
杭州
英文
272-281
2008-10-25（万方平台首次上网日期，不代表论文的发表时间）