Proceedings of 3rd Global Accounting, Finance and Economics Conference
5 - 7 May, 2013, Rydges Melbourne, Australia, ISBN: 978-1-922069-23-8
IFRS for SME’s: A Preliminary Study of Fiji’s Need
Joel Abraham
The Fiji Institute of Accountants in collaboration IASB has
committed to adopt International Financial Reporting for Small and
Medium-sized Enterprises in Fiji. This was applicable to entities
with financial periods beginning on or after 1 January 2011. This
commitment had actually raised concern in regards to the
achieving of the deadline for the adoption. With heavy criticisms
due to impracticability, resource availability, time constrains, poor
response from IASB in providing training support, the deadline
seemed unachievable. This paper reviews the adoption two years
later, considering the impact of adoption on Small and Medium
enterprise post adoption. The use of the IFRS for SMEs was
thought to bring various benefits, such as an improved process of
consolidation of foreign subsidiaries, better access to external
finance and possibilities to co-operate in international value chains.
Additionally Hemmerand Labro (2008) indicated that successful
implementation may improve the quality of business management.
However the paper takes into account the Fijian business
dynamics and whether there has been improvements, if any to the
Fijian businesses that have adopted IFRS for SME’s or has the
benefits from the exercise been only gains to big audit and
accounting firms who facilitated the adoption.
Key Words: International Financial Reporting Standard (IFRS), Small Medium
Enterprises (SME)
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Mr. Joel Abraham, Fiji Commerce Commission, University of the South Paicfic, Suva, Fiji,
Email: joel.abraham@ymail.com,