Perspectives of accounting professionals about the adoption of IFRS for SMEs: the case of Romania

Abstract

Purpose – The aim of the study is to highlight the perspectives of accounting professionals in Romania on adopting a single set of financial reporting standards for small and medium-sized entities (SMEs). Design/methodology/approach – The study included a combination of qualitative and quantitative methodologies. A qualitative approach was employed to examine the perspectives of accounting professionals on their inclination toward international standards for SMEs or national regulations. The quantitative approach involved doing content analysis on interviews to provide empirical support for the implementation of these standards in a national context. Findings – Romanian accounting professionals want an improvement in financial reporting, but not necessarily through the use of an international standard. And although the level of convergence between the International Financial Reporting Standard (IFRS) for SMEs and national regulations is medium, it is not desirable to apply an international financial reporting standard for SMEs. Originality/value – This study stands out as one of the few papers that delve into the perspectives of accounting professionals about adopting IFRS for SMEs in a specific country, offering a unique and engaging perspective.

Keywords

• IFRS for SMEs
• Accounting professionals
• Convergence
• Financial reporting