Abstract
Since 2005, Italy is one country where SMEs (under certain conditions) have been given the option to adopt full IFRS if they so wish. A feature of Italy is that it is a country which is very dependent upon its SME sector for a vibrant and healthy economy. In this context, it is interesting to see initially how many Italian companies, in particular medium-sized, opted voluntarily for the full IFRS compared to those that still apply the Italian GAAP, and subsequently focus attention on the reasons for the choice. More specifically, having ascertained the high number of companies that do not apply the IFRS, the aim of the study was to investigate the reasons for the non-adoption decision, via the use of a questionnaire which concentrates on analysis of the costs and benefits perceived. In view of the same conceptual framework used by the IASB in dictating the standards both for the listed companies and for the SMEs, this study could be useful for SMEs who are required to prepare accounts using IFRS issued in July 2009 for accounting periods ending on or after 31 December 2012, in order to overcome in time the possible obstacles and prepare best for the transition to the new standards.Riferimenti bibliografici
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Fearnley, S. Gillies, A. Hines, T. and Willett, C. (2007), Bewildered but better informed: A qualitative interview based study into the attitudes of some UK accountants and regulators to the EU IFRS conversion project prior to its implementation in the UK, ICAEW, London, pp. 103.
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Goodwin, J. and Ahmed, K. (2006), The impact of international financial reporting standards: Does size matter?, Managerial Auditing Journal, Vol. 21, No. 5, pp. 460-475.
Haller, A. (2002), Financial Accounting Developments in the European Union: Past Events and Future Prospects, The European Accounting Review, Vol. 11, No. 1 pp. 153-190.
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Jermakowicz, E.K. and Gornik-Tomaszewski, S. (2006), ‘Implementing IFRS from the perspective of EU publicly traded companies, Journal of International Accounting, Auditing and Taxation, Vol. 15, pp.170-196.
Lacchini, M. and Trequattrini, R. (2002), Ascesa e declino del principio di prudenza nel sistema contabile italiano: riflessioni critiche, Rivista Italiana di Ragioneria ed Economia
Aziendale, July-August.
Larson, R.K. and Street, D.L. (2004), Convergence with IFRS in an Expanding Europe: Progress and Obstacles Identified by Large Accounting Firms’ Survey, Journal of International
Accounting, Auditing and Taxation, Vol. 13, pp. 89-119.
Likert, R. (1932), A Technique for the measurement of attitudes, Archives of Psychology, n.40.
Lionzo, A. (2005), Il sistema dei valori di bilancio nella prospettiva dei principi contabili internazionali, FrancoAngeli, Milan, pp.130-131 and 136-143.
Marchi, L. (ed.) (2000), L’applicazione dei principi contabili nei bilanci delle imprese, Il Sole 24 Ore, Milan.
Nazari, J., Kline, T., and Herremans I., (2006), Conducting Survey Research in Management Accounting, in Hoque, Z., Methodological Issues in Accounting Research: Theories and Methods, Spiramus.
Nobes, C., and Parker, R. (2002), Comparative International Accounting, Prentice Hall International, UK, VII ed., pp.17-32 and p.76.
Onesti, T. (1995), Fattori ambientali e comportamenti contabili, Analisi comparata dei sistemi contabili di alcuni Paesi industrializzati, Giappichelli, Turin, chapter 6.
Page, M. (1984), Corporate financial reporting and the small independent company. Accounting and Business Research, 14(55).
Palma, A. (a cura di), (2008), Il bilancio di esercizio : aspetti istituzionali e profili evolutivi nell’attuale assetto normativo italiano, Giuffrè, Milan.
Paoloni, P. (2006), Il bilancio delle piccole imprese nella prospettiva internazionale. Il progetto IASB International Accounting Standards for SMEs, Giappichelli, Turin.
Pizzo, M. (2000), Il fair value nel bilancio d’esercizio, Cedam, Padua.
Pizzo, M. (2005), L’iscrizione in bilancio dei ricavi. Tra realizzazione e recognition, Cedam, Padova.
Pratten, C. (1998), The uses of the accounts of small and medium sized companies and the effects of the audit exemption regimes, ICAEW, London.
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Quagli, A. (2004), Comunicare il futuro. L’informativa economico-finanziaria di tipo previsionale delle società quotate italiane, FrancoAngeli, Milan, pp.81-143.
Quagli, A. (2010), Bilancio di esercizio e principi contabili, Giappichelli, Turin.
Quagli, A. (ed.) (2006), L’adozione degli IFRS in Italia: i piani di remunerazione a base azionaria, Giappichelli, Turin.
Schiebel, A. (2007), External users of SMEs’ financial statements are different! Wild guess or sound empirical analysis, paper presented at the 3 rd Annual Workshop European Financial
Reporting Research Group - Accounting in Europe, Paris, September.
Singh, R. and Gray S.J. (2006), International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs): issues and challenges for national jurisdictions, Indian Accounting Review, 10(2), pp. 1-17.
Sterling, R.R. (1967), Conservatism: The Fundamental Principle of Valuation in Traditional Accounting, Abacus, December.
Superti Furga, F. (2005), Il bilancio d’esercizio nel quadro dell’informativa societaria, Economia Aziendale 2000, n.3.
Teodori, C. (ed.) (2006), L’adozione degli IFRS in Italia: le attività immateriali e l’impairment test, Giappichelli, Turin.
Teodori, C. and Veneziani, M. (2007), Intangible assets in annual reports: a disclosure index, paper presented at the 3 rd Annual Workshop European Financial Reporting Research
Group - Accounting in Europe, Paris, September.
Teodori, C. and Veneziani, M. (2008), The international accounting standards and Italian non-listed companies: perception and economic impact. The results of an empirical survey, paper presented at the 31 st European Accounting Association Congress, Rotterdam, April.
Veneziani, M. (2004), L’adozione degli Ifrs come opportunità di miglioramento e crescita, IR Top, December, Milan, n. IV.
Veneziani, M. (2005), La capacità informativa del bilancio consolidato, Giuffrè, Milan, pp.45-53.
Zambon, S. (1996), Profili di ragioneria internazionale e comparata, Un approccio per aree tematiche, Cedam, Padua, pp.57-75.
Aisbitt, S. (2006), Assessing the effect of the transition to IFRS on equity: the case of the FTSE 100, Accounting in Europe, Vol. 3, pp. 117-133.
Allegrini, M. (ed.) (2007), L’adozione degli IFRS in Italia: impatti sostanziali e formali sul bilancio. Operazioni di leasing e fondi per rischi e oneri, Giappichelli, Torino.
Andrei, P. (ed.) (2006), L’adozione degli IFRS in Italia: impatti contabili e profili gestionali, Giappichelli, Turin.
Andrei, P., Fellegara, A.M. (2006), Contabilità generale e bilancio d’impresa, Giappichelli, Turin.
Antunes Brás, F.A., and Henriques, J.P. (2008), Does IFRS for SME’s influence SME’s and banks relationships in a context of Basel II?, paper presented at the 31 st European Accounting
Association Congress, Rotterdam, April.
Buchanan, F.R. (2003), International Accounting Harmonisation: Developing a Single World Standard, Business Horizons, May-June, pp. 61-70.
Campedelli, B. (2006), Principi contabili internazionali e imprese minori. Una prospettiva europea, Rivista Italiana di Ragioneria e Economia Aziendale, Rome, March-April.
Carini, C., Teodori, C. and Veneziani, M. (2006), Analysis of the initial impact of the IAS 38 in Italy: a survey of the TechStar companies. Emerging Issues in International Accounting & Business Conference 2006, Proceedings. Padua: CLEUP, Vol. 1, pp. 106-136.
Cattaneo, C. (2004), L’informativa per i mercati finanziari in una prospettiva internazionale, in Demartini P. (ed.), Informazione, imprese e mercati finanziari efficienti. Spunti di riflessione
in una prospettiva multidisciplinare, FrancoAngeli, Milan, pp. 109-146.
Choi, F.D.S. and Meek, G.K. (2005), International Accounting, Pearson Prentice Hall, New Jersey, V ed., chapter 2.
Cisi, M. (2006), IAS/IFRS Standard for Small and Medium Sized Entities: International Comparability versus Usefulness. An Analysis in the Italian Context, Emerging Issues in
International Accounting & Business Conference 2006, Padua.
Collis, J., Dugdale, D., and Jarvis, R. (2001), Deregulation of small company financial reporting in the UK, Contemporary issues in accounting regulation.
Collis, J., and Jarvis, R. (2000), How owner-managers use accounts, Centre for Business Performance, ICAEW, London.
Coppens C., Van Wymeersch K., Van Hecke, A., Engles, L., De Lembre, E., De Beelde, I.,
Verhoeye, J., and Van De Velde, G., (2007), An investigation into the attitude of Belgian SMEs towards the implementation of IAS/IFRS, Paper presented at the 30 th European Accounting
Association the Annual Congress, Lisbon, April.
Darenidou, C. McLeay, S. and Raonic, I. (2006), Expected earnings growth and the cost of capital: An analysis of accounting regime change in the European financial market, Abacus, Vol. 42, Nos.3/4, pp. 388-414.
Di Pietra, R. (2002), La cultura contabile nello scenario internazionale, Istituzioni, principi e esperienza, Cedam, Padua.
Di Pietra, R. (2007), Il progetto di estensione degli IFRS per la redazione dei bilanci delle PMI, in: L’analisi degli effetti sul bilancio dell’introduzione dei principi contabili internazionali,
Rivista Italiana di Ragioneria e Economia Aziendale, Rome.
Di Pietra, R., Evans, L., Chevy, G., Cisi, M., Eierle, B. and Jarvis, R. (2008), Comment on the IASB’s Exposure Draft “IFRS for Small and Medium-Sized Entities”, Accounting in Europe, Vol. 5.
Dunne, T., Fifield, S., Finningham, G., Fox, A., Hannah, G., Helliar, C., Power, D. and Veneziani, M. (2008), The implementation of IFRS in the UK, Italy and Ireland, The Institute of Chartered Accountants of Scotland (ICAS), UK, September, chapter 2.
Eierle B., and Schonefeldt A. (2010), The research landscape: research in SME Financial Reporting, Symposia Papers, European Accounting Association the Annual Congress, Istanbul, Italy.
Eierle, B., and Haller, A. (2009), Does size influence the suitability of the IFRS for Small and Medium Sized Entities? Empirical Evidence from Germany, Accounting in Europe, vol. 6.
Ernst & Young (2006), IFRS: Observations on the implementation of IFRS, E&Y, London, September, pp. 30.
Evans, L., (2010), Reporting for SMEs: European Research Contributions, Symposia Papers, European Accounting Association Annual Congress, Istanbul
Fearnley, S. and Hines, T. (2002), The Adoption of International Accounting Standards in the UK: A Review of Attitudes, Working Paper, Portsmouth Business School.
Fearnley, S. Gillies, A. Hines, T. and Willett, C. (2007), Bewildered but better informed: A qualitative interview based study into the attitudes of some UK accountants and regulators to the EU IFRS conversion project prior to its implementation in the UK, ICAEW, London, pp. 103.
Financial Accounting Standards Board (1980), Statement of Financial Accounting Concepts No. 1: Objectives of Financial Reporting by Business Enterprises, FASB.
Frattini, G., (2006), Contabilità e bilancio, Le valutazioni di bilancio: principi economici, disciplina giuridica e informazioni complementari, Egea, Milan.
Giussani, A., (2009), Introduzione ai principi contabili internazionali, Giuffrè.
Goodwin, J. and Ahmed, K. (2006), The impact of international financial reporting standards: Does size matter?, Managerial Auditing Journal, Vol. 21, No. 5, pp. 460-475.
Haller, A. (2002), Financial Accounting Developments in the European Union: Past Events and Future Prospects, The European Accounting Review, Vol. 11, No. 1 pp. 153-190.
Institute of Chartered Accountants of Scotland (2007), Principles into Practice: Key points from the too late for principles? Conference held in October 2006, February, ICAS, Edinburgh,
pp. 19.
International Accounting Standards Committee (1989), Framework for the Preparation and Presentation of Financial Statements, IASC, London.
International Federation of Accounts, (2006), Micro-Entity Financial Reporting: Perspectives of Preparers and Users, Information Paper, IFAC, December.
Jermakowicz, E.K. and Gornik-Tomaszewski, S. (2006), ‘Implementing IFRS from the perspective of EU publicly traded companies, Journal of International Accounting, Auditing and Taxation, Vol. 15, pp.170-196.
Lacchini, M. and Trequattrini, R. (2002), Ascesa e declino del principio di prudenza nel sistema contabile italiano: riflessioni critiche, Rivista Italiana di Ragioneria ed Economia
Aziendale, July-August.
Larson, R.K. and Street, D.L. (2004), Convergence with IFRS in an Expanding Europe: Progress and Obstacles Identified by Large Accounting Firms’ Survey, Journal of International
Accounting, Auditing and Taxation, Vol. 13, pp. 89-119.
Likert, R. (1932), A Technique for the measurement of attitudes, Archives of Psychology, n.40.
Lionzo, A. (2005), Il sistema dei valori di bilancio nella prospettiva dei principi contabili internazionali, FrancoAngeli, Milan, pp.130-131 and 136-143.
Marchi, L. (ed.) (2000), L’applicazione dei principi contabili nei bilanci delle imprese, Il Sole 24 Ore, Milan.
Nazari, J., Kline, T., and Herremans I., (2006), Conducting Survey Research in Management Accounting, in Hoque, Z., Methodological Issues in Accounting Research: Theories and Methods, Spiramus.
Nobes, C., and Parker, R. (2002), Comparative International Accounting, Prentice Hall International, UK, VII ed., pp.17-32 and p.76.
Onesti, T. (1995), Fattori ambientali e comportamenti contabili, Analisi comparata dei sistemi contabili di alcuni Paesi industrializzati, Giappichelli, Turin, chapter 6.
Page, M. (1984), Corporate financial reporting and the small independent company. Accounting and Business Research, 14(55).
Palma, A. (a cura di), (2008), Il bilancio di esercizio : aspetti istituzionali e profili evolutivi nell’attuale assetto normativo italiano, Giuffrè, Milan.
Paoloni, P. (2006), Il bilancio delle piccole imprese nella prospettiva internazionale. Il progetto IASB International Accounting Standards for SMEs, Giappichelli, Turin.
Pizzo, M. (2000), Il fair value nel bilancio d’esercizio, Cedam, Padua.
Pizzo, M. (2005), L’iscrizione in bilancio dei ricavi. Tra realizzazione e recognition, Cedam, Padova.
Pratten, C. (1998), The uses of the accounts of small and medium sized companies and the effects of the audit exemption regimes, ICAEW, London.
PriceWaterhouseCoopers (2006), IFRS: Embracing Change, London, PWC, July, pp.27.
Quagli, A. (2004), Comunicare il futuro. L’informativa economico-finanziaria di tipo previsionale delle società quotate italiane, FrancoAngeli, Milan, pp.81-143.
Quagli, A. (2010), Bilancio di esercizio e principi contabili, Giappichelli, Turin.
Quagli, A. (ed.) (2006), L’adozione degli IFRS in Italia: i piani di remunerazione a base azionaria, Giappichelli, Turin.
Schiebel, A. (2007), External users of SMEs’ financial statements are different! Wild guess or sound empirical analysis, paper presented at the 3 rd Annual Workshop European Financial
Reporting Research Group - Accounting in Europe, Paris, September.
Singh, R. and Gray S.J. (2006), International Financial Reporting Standards (IFRS) for small and medium-sized entities (SMEs): issues and challenges for national jurisdictions, Indian Accounting Review, 10(2), pp. 1-17.
Sterling, R.R. (1967), Conservatism: The Fundamental Principle of Valuation in Traditional Accounting, Abacus, December.
Superti Furga, F. (2005), Il bilancio d’esercizio nel quadro dell’informativa societaria, Economia Aziendale 2000, n.3.
Teodori, C. (ed.) (2006), L’adozione degli IFRS in Italia: le attività immateriali e l’impairment test, Giappichelli, Turin.
Teodori, C. and Veneziani, M. (2007), Intangible assets in annual reports: a disclosure index, paper presented at the 3 rd Annual Workshop European Financial Reporting Research
Group - Accounting in Europe, Paris, September.
Teodori, C. and Veneziani, M. (2008), The international accounting standards and Italian non-listed companies: perception and economic impact. The results of an empirical survey, paper presented at the 31 st European Accounting Association Congress, Rotterdam, April.
Veneziani, M. (2004), L’adozione degli Ifrs come opportunità di miglioramento e crescita, IR Top, December, Milan, n. IV.
Veneziani, M. (2005), La capacità informativa del bilancio consolidato, Giuffrè, Milan, pp.45-53.
Zambon, S. (1996), Profili di ragioneria internazionale e comparata, Un approccio per aree tematiche, Cedam, Padua, pp.57-75.
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