Skip to content
Back to outputs

Splitting accountability hairs: anomalies in the adaptation of IFRS for SMEs in the UK and Ireland

Research output: Contribution to journalArticlepeer-review

Standard

Splitting accountability hairs: anomalies in the adaptation of IFRS for SMEs in the UK and Ireland. / Arafat, Imam; Dunne, Theresa; Ahmed, Ahmed Hassan.

In: Accounting in Europe, Vol. 17, No. 2, 31.08.2020, p. 183-203.

Research output: Contribution to journalArticlepeer-review

Harvard

APA

Vancouver

Author

Arafat, Imam ; Dunne, Theresa ; Ahmed, Ahmed Hassan. / Splitting accountability hairs: anomalies in the adaptation of IFRS for SMEs in the UK and Ireland. In: Accounting in Europe. 2020 ; Vol. 17, No. 2. pp. 183-203.

Bibtex

@article{2a674462dcfd46baaf0c2eaa599ca025,
title = "Splitting accountability hairs: anomalies in the adaptation of IFRS for SMEs in the UK and Ireland",
abstract = "Recent years have witnessed a significant shift in the financial reporting frameworks available in the UK and Ireland affecting entities of all sizes with the Financial Reporting Council issuing three financial reporting standards replacing the extant UK GAAP. This paper reports the results of a content analysis of 151 comment letters sent to the standard-setter in response to its policy proposal. The paper explains why the standard-setter stepped back from its controversial proposal to enforce IFRS for SMEs based on the absence of public accountability. Additionally, the standard-setter addressed all concerns positively apart from two, representing anomalies. First, despite being opposed by the majority of the respondents, the standard-setter published a new framework for wholly-owned subsidiaries of listed companies allowing them to make substantially less disclosure. Second, the standard-setter is yet to respond to the call by the accounting profession and the Not-for-profit sector to publish a sector-specific framework.",
keywords = "IFRS for SMEs, Accounting Standards, Not for Profit, Lobbying, Standard Setting, Public Accountability, embargoover12",
author = "Imam Arafat and Theresa Dunne and Ahmed, {Ahmed Hassan}",
year = "2020",
month = aug,
day = "31",
doi = "10.1080/17449480.2020.1764601",
language = "English",
volume = "17",
pages = "183--203",
journal = "Accounting in Europe",
issn = "1744-9480",
publisher = "Taylor & Francis",
number = "2",

}

RIS

TY - JOUR

T1 - Splitting accountability hairs: anomalies in the adaptation of IFRS for SMEs in the UK and Ireland

AU - Arafat, Imam

AU - Dunne, Theresa

AU - Ahmed, Ahmed Hassan

PY - 2020/8/31

Y1 - 2020/8/31

N2 - Recent years have witnessed a significant shift in the financial reporting frameworks available in the UK and Ireland affecting entities of all sizes with the Financial Reporting Council issuing three financial reporting standards replacing the extant UK GAAP. This paper reports the results of a content analysis of 151 comment letters sent to the standard-setter in response to its policy proposal. The paper explains why the standard-setter stepped back from its controversial proposal to enforce IFRS for SMEs based on the absence of public accountability. Additionally, the standard-setter addressed all concerns positively apart from two, representing anomalies. First, despite being opposed by the majority of the respondents, the standard-setter published a new framework for wholly-owned subsidiaries of listed companies allowing them to make substantially less disclosure. Second, the standard-setter is yet to respond to the call by the accounting profession and the Not-for-profit sector to publish a sector-specific framework.

AB - Recent years have witnessed a significant shift in the financial reporting frameworks available in the UK and Ireland affecting entities of all sizes with the Financial Reporting Council issuing three financial reporting standards replacing the extant UK GAAP. This paper reports the results of a content analysis of 151 comment letters sent to the standard-setter in response to its policy proposal. The paper explains why the standard-setter stepped back from its controversial proposal to enforce IFRS for SMEs based on the absence of public accountability. Additionally, the standard-setter addressed all concerns positively apart from two, representing anomalies. First, despite being opposed by the majority of the respondents, the standard-setter published a new framework for wholly-owned subsidiaries of listed companies allowing them to make substantially less disclosure. Second, the standard-setter is yet to respond to the call by the accounting profession and the Not-for-profit sector to publish a sector-specific framework.

KW - IFRS for SMEs

KW - Accounting Standards

KW - Not for Profit, Lobbying

KW - Standard Setting

KW - Public Accountability

KW - embargoover12

U2 - 10.1080/17449480.2020.1764601

DO - 10.1080/17449480.2020.1764601

M3 - Article

VL - 17

SP - 183

EP - 203

JO - Accounting in Europe

JF - Accounting in Europe

SN - 1744-9480

IS - 2

ER -

ID: 20516445