Abstract:

In 2002, the European Parliament imposed the conformity with the International Financial Reporting Standards (IFRSs) for the consolidated accounts of quoted companies, starting with January 2005, in the perimeter of the European Union. Although not initially targeted, the small and medium enterprises (SMEs) have lately become the subject of a regulatory reform in the field of international accounting. On 9 July 2009 the IASB published an IFRS designed for use by SMEs. The purpose of this study is to highlight the main technical controversies regarding this IFRS, and the main lines of divergence between this standard and domestic regulation in one case study on emerging economies. Finally, the study seeks to analyze the opportunity of implementing IFRS for SMEs in the context of Romania, which is an EU Member State.