Abstract
This study analyses the financial reporting problems of small and medium-sized enterprises (SMEs) located in two European countries – Croatia and Italy, reflecting different institutional and economic environments of a transitional economy and developed economy in stagnation. The survey explores the peculiarities of SMEs accounting from the cost/benefit aspect of accounting information, pointing out their specific needs comparing to the large entities. The SMEs accounting problems are analysed in the light of environmental factors, internationalisation process and under the pressure of accounting harmonisation goals. Thus, our contribution is a survey, by theoretical and empirical point of view, on International Accounting Standard (IAS/IFRS) applicability to SMEs, which is one of the most important topics of the current international debate among accounting scholars and professionalsReferences
Abdel-Khalik, A.R. (1983), Financial Reporting by Private Companies: Analysis and Diagnosis. Stanford (Conn.), FASB.
Angeloni, S., Aureli, S. Cesaroni, F.M. Corsi, K., Del Baldo, M. and Demartini, P. (2003), “Internationalisation and financial communication skills for Small Businesses”, paper
presented at EISB Conference, Milan (Italy), October.
AICPA (1976), Report of the Committee on GAAP for smaller and or closely held businesses., AICPA, N.Y., August.
Baldarelli, M. G. (2000), I tour operator e le agenzie di viaggi. Circuiti operativi, schemi gestionali e bilancio d’esercizio, Bologna: CLUEB.
Benin, C. (2004), T.O. italiani: la sostenibilità del modello di business, Turistica, genn mar., 59-63.
Campedelli, B. (2005), “Semplificazione o perdita di informativa?, paper presented at International Conference L’armonizzazione dei principi contabili in Europa. Quali “regole” per le piccole e medie imprese?, Rimini, December.
Canning, M. and O’Dwyer, B. (2001), Professional accounting bodies’disciplinary procedures: accountable, transparent and in the public interest?, European Accounting review, 10:4, 725-749.
Capodaglio, G. and Baldarelli, M. G.(ed) (2003), L’armonizzazione dei principi contabili in Europa (allargamento dell’UE e confronto internazionale)- International Conference Proceedings, Rimini- 12 aprile 2002, Roma: RIREA.
Carsberg, B.V. Page, M.J. Sindell, A.J. and Waring, I.D. (1985), Small Company Financial Reporting. London: Prentice Hall International- ICAEW.
Cesaroni, F. and paoloni, P. (2006), I principi contabili per le piccole e medie imprese, Piccola Impresa/Small Business, No. 1, 79-111.
Collis, J., Dugdale, D. and Jarvis, R. (2001), The regulation of small company reporting in the UK, in McLeay, S. and Riccaboni, A. (eds.), Contemporary issues in Accounting Regulation, Boston: Kluwer.
Commission of the European Communities (ECC), (1994), Integrated program in favour of the small and medium-sized businesses and craftsmen.
Committee of Inquiry on Small Firms, the Bolton report, (1971), Small Firms, London: HMSO.
Croatian FINA (2005), Financial Results of Enterprises 1999-06/2005, Croatian Financial Agency.
Croatian Accounting Act. Official Gazette of the Republic of Croatia No. 90/92. and No.146/05
Delvaille, P., Ebbers, G., and Saccon, C. (2005), International Financial Reporting Convergencies: evidence from three continental European countries, Accounting in Europe,
Vol 2, 137-164.
Demartini, P., Cesaroni, F. and Paoloni, P. (2005), “Upgrading SME financial accounting standard. A longitudinal and international comparison”, paper presented at 28th Annual
Congress of the European Accounting Association, Goteborg, (Sweden), May.
Di Pietra, R. (2005), “Il progetto di estensione degli ias/ifrs per la redazione dei bilanci delle PMI tra bisogni reali e tendenze egemoniche”, paper presented at International Conference L’armonizzazione dei principi contabili in Europa. Quali “regole” per le piccole e medie imprese?, Rimini, December.
Dugdale, D. Hussey, J. and Jarvis, R. (1998), “Regulatory relaxation and the role of small company annual reports in the UK”, paper presented at the Workshop on Accounting Regulation, Siena, 5-7 March.
Evans, L., Gebhardt, G., Hoogendoorn, M., Marton, J., Di Pietra, R., Mora, A., Thinggard, F., Vehmanen, P. and Wagenhofer, A. (2005), Problems and opportunities of an international financial reporting standard for SMEs. The EAA FRSC’s Comment on the IASB’s Discussion Paper, Accounting in Europe, Vol 2, 23-45.
Hagigi, M. (2005), “Accounting Disclosure: Small Versus Large Companies”, paper presented at International Conference L’armonizzazione dei principi contabili in Europa. Quali “regole” per le piccole e medie imprese?, Rimini, December.
IASB (2004), Preliminary Views on Accounting standards for SMEs-Discussion paper, IASB.
Lawrence, S. (1996), International Accounting, London: International Thomson Business Press.
Loli, G. and Casò, M. (2002), International Accounting Standard Board (IASB), Rivista dei dottori commercialisti, gennaio-febbraio , 145-158.
Matacena, A. (1993), Il bilancio d’esercizio. Strutture formali, logiche sostanziali e principi generali, Bologna: CLUEB.
Moneva, J.M., Cuellar, B., Paoloni, M. and Demartini, P. (2001), El impacto de la informacion financiera para la pyme en la Union Europea: el caso de Italia y Espan a, Tecnica
Contable, Febrero.
Mošnja-Škare, L. and Erne, K. (2005), Croatian SMEs Accounting Development and International Harmonization, in Krizman, D. (ed), Entrepreneurship and Macroeconomic
Management, Conference Proceedings Vol.2, Pula: FET «Dr. Mijo Mirkovi», 548-560.
Mošnja-Škare, L. (2005), “The IFRS/IAS in the SMEs: Theoretical Profiles and Empirical Evidences: Implementation of IFRS/IAS in Croatian SMEs”, paper presented at International Conference L’armonizzazione dei principi contabili in Europa. Quali “regole” per le piccole e medie imprese?, Rimini, December.
Nobes, C. (1992),International classification of financial reporting, London: Routledge.
Page, M.J. (1984), Corporate Financial Reporting and the Small Independent Company, Accounting and Business Research, Summer.
Paoloni, P. (2007), Il Bilancio delle piccole e medie imprese nella prospettiva internazionale. Il progetto IASB International Accounting Standards for SME’s, Torino, Giappichielli.
Paoloni, M., Cesaroni, F. and Demartini, P. (2003), “Upgrading SMEs information system: the role of Venture Capitalist Investors”, paper presented at 26th Annual Congress of the European Accounting Assocation, Seville (Spain), April.
Paoloni, M. and Demartini, P. (1997), “Small company financial reporting: users and information needs”, paper presented at the 20th Annual Congress of the European Accounting Association, Graz, (Austria), April.
Schmalenbach, E. (1961), Le bilan dynamique, Paris: Dumond.
Tadijančević, S. (2006), «Rad Odbora za standarde financijskog izvještavanja», Računovodstvo i financije, LII:6, 25.
UNCTAD (2001/2002), Accounting by SMEs, Report by the ad hoc Consultative Group of Experts on Accounting by SMEs, Report of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting and Agreed Conclusions on Accounting by SMEs, UNCTAD, Eighteenth, Nineteenth, Twentieth Session of IWGE on
ISAR.TD/B/COM.2/ISAR/L.4,TD/B/COM.2/ISAR/12,TD/B/COM.2/ISAR/13,TD/B/COM.2/ISAR/16,TD/B/COM.2/ISAR/17,TD/B/COM.2/ISAR/22, New York and
Geneva: UN.
UNCTAD (2004), Accounting and Financial Reporting Guidelines for Small and Medium-Sized Enterprises – SMEGA - Level 2 and 3. UNCTAD/ITE/TEB/2003/5-6. New York and
Geneva: UN.
UNCTAD (2004), International Accounting and Reporting Issues, 2002 Review, Accounting by SMEs, Report by the Secretariat of the UNCTAD. UNCTAD/ITE/TEB/2003/4, New
York and Geneva: UN.
UNCTAD (2005), International Accounting and Reporting Issues, 2004 Review, Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs, Report by the Secretariat of UNCTAD, New York and Geneva: UN.
Angeloni, S., Aureli, S. Cesaroni, F.M. Corsi, K., Del Baldo, M. and Demartini, P. (2003), “Internationalisation and financial communication skills for Small Businesses”, paper
presented at EISB Conference, Milan (Italy), October.
AICPA (1976), Report of the Committee on GAAP for smaller and or closely held businesses., AICPA, N.Y., August.
Baldarelli, M. G. (2000), I tour operator e le agenzie di viaggi. Circuiti operativi, schemi gestionali e bilancio d’esercizio, Bologna: CLUEB.
Benin, C. (2004), T.O. italiani: la sostenibilità del modello di business, Turistica, genn mar., 59-63.
Campedelli, B. (2005), “Semplificazione o perdita di informativa?, paper presented at International Conference L’armonizzazione dei principi contabili in Europa. Quali “regole” per le piccole e medie imprese?, Rimini, December.
Canning, M. and O’Dwyer, B. (2001), Professional accounting bodies’disciplinary procedures: accountable, transparent and in the public interest?, European Accounting review, 10:4, 725-749.
Capodaglio, G. and Baldarelli, M. G.(ed) (2003), L’armonizzazione dei principi contabili in Europa (allargamento dell’UE e confronto internazionale)- International Conference Proceedings, Rimini- 12 aprile 2002, Roma: RIREA.
Carsberg, B.V. Page, M.J. Sindell, A.J. and Waring, I.D. (1985), Small Company Financial Reporting. London: Prentice Hall International- ICAEW.
Cesaroni, F. and paoloni, P. (2006), I principi contabili per le piccole e medie imprese, Piccola Impresa/Small Business, No. 1, 79-111.
Collis, J., Dugdale, D. and Jarvis, R. (2001), The regulation of small company reporting in the UK, in McLeay, S. and Riccaboni, A. (eds.), Contemporary issues in Accounting Regulation, Boston: Kluwer.
Commission of the European Communities (ECC), (1994), Integrated program in favour of the small and medium-sized businesses and craftsmen.
Committee of Inquiry on Small Firms, the Bolton report, (1971), Small Firms, London: HMSO.
Croatian FINA (2005), Financial Results of Enterprises 1999-06/2005, Croatian Financial Agency.
Croatian Accounting Act. Official Gazette of the Republic of Croatia No. 90/92. and No.146/05
Delvaille, P., Ebbers, G., and Saccon, C. (2005), International Financial Reporting Convergencies: evidence from three continental European countries, Accounting in Europe,
Vol 2, 137-164.
Demartini, P., Cesaroni, F. and Paoloni, P. (2005), “Upgrading SME financial accounting standard. A longitudinal and international comparison”, paper presented at 28th Annual
Congress of the European Accounting Association, Goteborg, (Sweden), May.
Di Pietra, R. (2005), “Il progetto di estensione degli ias/ifrs per la redazione dei bilanci delle PMI tra bisogni reali e tendenze egemoniche”, paper presented at International Conference L’armonizzazione dei principi contabili in Europa. Quali “regole” per le piccole e medie imprese?, Rimini, December.
Dugdale, D. Hussey, J. and Jarvis, R. (1998), “Regulatory relaxation and the role of small company annual reports in the UK”, paper presented at the Workshop on Accounting Regulation, Siena, 5-7 March.
Evans, L., Gebhardt, G., Hoogendoorn, M., Marton, J., Di Pietra, R., Mora, A., Thinggard, F., Vehmanen, P. and Wagenhofer, A. (2005), Problems and opportunities of an international financial reporting standard for SMEs. The EAA FRSC’s Comment on the IASB’s Discussion Paper, Accounting in Europe, Vol 2, 23-45.
Hagigi, M. (2005), “Accounting Disclosure: Small Versus Large Companies”, paper presented at International Conference L’armonizzazione dei principi contabili in Europa. Quali “regole” per le piccole e medie imprese?, Rimini, December.
IASB (2004), Preliminary Views on Accounting standards for SMEs-Discussion paper, IASB.
Lawrence, S. (1996), International Accounting, London: International Thomson Business Press.
Loli, G. and Casò, M. (2002), International Accounting Standard Board (IASB), Rivista dei dottori commercialisti, gennaio-febbraio , 145-158.
Matacena, A. (1993), Il bilancio d’esercizio. Strutture formali, logiche sostanziali e principi generali, Bologna: CLUEB.
Moneva, J.M., Cuellar, B., Paoloni, M. and Demartini, P. (2001), El impacto de la informacion financiera para la pyme en la Union Europea: el caso de Italia y Espan a, Tecnica
Contable, Febrero.
Mošnja-Škare, L. and Erne, K. (2005), Croatian SMEs Accounting Development and International Harmonization, in Krizman, D. (ed), Entrepreneurship and Macroeconomic
Management, Conference Proceedings Vol.2, Pula: FET «Dr. Mijo Mirkovi», 548-560.
Mošnja-Škare, L. (2005), “The IFRS/IAS in the SMEs: Theoretical Profiles and Empirical Evidences: Implementation of IFRS/IAS in Croatian SMEs”, paper presented at International Conference L’armonizzazione dei principi contabili in Europa. Quali “regole” per le piccole e medie imprese?, Rimini, December.
Nobes, C. (1992),International classification of financial reporting, London: Routledge.
Page, M.J. (1984), Corporate Financial Reporting and the Small Independent Company, Accounting and Business Research, Summer.
Paoloni, P. (2007), Il Bilancio delle piccole e medie imprese nella prospettiva internazionale. Il progetto IASB International Accounting Standards for SME’s, Torino, Giappichielli.
Paoloni, M., Cesaroni, F. and Demartini, P. (2003), “Upgrading SMEs information system: the role of Venture Capitalist Investors”, paper presented at 26th Annual Congress of the European Accounting Assocation, Seville (Spain), April.
Paoloni, M. and Demartini, P. (1997), “Small company financial reporting: users and information needs”, paper presented at the 20th Annual Congress of the European Accounting Association, Graz, (Austria), April.
Schmalenbach, E. (1961), Le bilan dynamique, Paris: Dumond.
Tadijančević, S. (2006), «Rad Odbora za standarde financijskog izvještavanja», Računovodstvo i financije, LII:6, 25.
UNCTAD (2001/2002), Accounting by SMEs, Report by the ad hoc Consultative Group of Experts on Accounting by SMEs, Report of the Intergovernmental Working Group of Experts on International Standards of Accounting and Reporting and Agreed Conclusions on Accounting by SMEs, UNCTAD, Eighteenth, Nineteenth, Twentieth Session of IWGE on
ISAR.TD/B/COM.2/ISAR/L.4,TD/B/COM.2/ISAR/12,TD/B/COM.2/ISAR/13,TD/B/COM.2/ISAR/16,TD/B/COM.2/ISAR/17,TD/B/COM.2/ISAR/22, New York and
Geneva: UN.
UNCTAD (2004), Accounting and Financial Reporting Guidelines for Small and Medium-Sized Enterprises – SMEGA - Level 2 and 3. UNCTAD/ITE/TEB/2003/5-6. New York and
Geneva: UN.
UNCTAD (2004), International Accounting and Reporting Issues, 2002 Review, Accounting by SMEs, Report by the Secretariat of the UNCTAD. UNCTAD/ITE/TEB/2003/4, New
York and Geneva: UN.
UNCTAD (2005), International Accounting and Reporting Issues, 2004 Review, Challenges and Successes in Implementing International Standards: Achieving Convergence to IFRSs and ISAs, Report by the Secretariat of UNCTAD, New York and Geneva: UN.
Copyright and licensing: The journal supports the principles contained in the Berlin Declaration on Open Access to scientific literature (2003), reiterated in the Italian CRUI Guidelines on Open Access journals. Copyright Notice: papers made open to the public are published under the CC BY--4.0 license.
Archiving : This journal uses the LOCKSS system to create an archiving system, which is distributed between participating libraries and enables them to search through the permanent archives of the journal for the purposes of conservation and restoration. All journal data and publications are also saved and stored directly on the platform