Abstract
The growth of small retailers in Malaysia has increased substantially over the years. Such growth can contribute to a significant portion of the government’s income via tax revenue that can reduce if they do not practice financial reporting. This study examines the financial reporting practices of the small retailers in Malaysia. Specifically, this study examines whether the small retailers prepare financial statements, whether they keep accounting records and their motivation for doing so and the reasons for not keeping accounting records. Using a questionnaire survey on 150 small retailers, this study shows that the financial reporting practices among the small retailers are satisfactory. This study shows that the important motivations for them to practice financial reporting are performance evaluation and income distribution. In addition, time consuming and difficulty in maintaining system are the two main reasons for their failure in preparing financial reports. However, this study shows that sales generated by the small retailers are an important predictor to them practicing financial reporting. This study suggests the provision of financial reporting awareness and training programs to the small retailers so that they can appreciate the importance of financial reporting, and inculcate such practice in their business. The findings in this study can assist the interested parties particularly the Inland Revenue Board in understanding the challenges faced by the small retailers in practicing accountability to the government.
Highlights
Special Economic Zones (SEZs) have been established as a strategic instrument for promoting foreign direct investment Myachin et al (2015) in nearly 4,300 SEZs of 130 developed and developing countries in world wide
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Summary
Special Economic Zones (SEZs) have been established as a strategic instrument for promoting foreign direct investment Myachin et al (2015) in nearly 4,300 SEZs of 130 developed and developing countries in world wide. As these zones are quite important instrument of socioeconomic development which are in culturally diverse locations with residents, transient, mobile and migrant populations leading to social, environmental and health risks. There are various adverse lessons which other countries should try to avoid in their pursuit of SEZ programs These are needed to be systematically assessed and effectively managed prior to SEZ for prevention of any suffer in the consequences including unbalance between industrial development and social dimensions (Asian Development Bank, 2018).
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