Abstract
This publication considers accounting procedures and financial data reporting by small and medium sizebusinesses in accordance with International Financial Reporting Standards (IFRS). It studies different IFRSinfluence zones in small and medium size businesses. The present study offers the following information: adefinition for “small and medium sized business”; a model of financial accounting and reporting proceduralguidelines for Russian small and medium sized businesses; approaches to creating an accounting system toprepare IFRS-based financial statements; an algorithm to transform small and medium sized businesses’accounting statements in accordance with IFRS requirements.
Highlights
At the present stage one of the key factors for successful small and medium sized business development is bringing financial reporting practices in line with international requirements
The accounting procedures should be understood in this context as a set of measures to harmonize accounting in order to prepare financial statements based on International Financial Reporting Standards (IFRS) to present it to a wide range of users
If small and medium sized agricultural enterprises have more than two primary production lines, the functions in financial reporting are distributed according to the accounted job
Summary
At the present stage one of the key factors for successful small and medium sized business development is bringing financial reporting practices in line with international requirements. Implementation of international financial reporting standards enhances fundraising abilities, affords an opportunity to call for international tenders and to analyze financial situation among customers, makes external crediting more available (Klychova, Nizamutdinov, Safiullin, & Mavlieva, 2014). It is a matter of utmost importance, as small businesses play a key role in developing the world economy and its separate regions and sectors (Maletić & Ceranić, 2010)
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