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Adoption of GAAP: An Insight Into the Small & Medium Enterprises

Author

Listed:
  • Veena Babani

    (Assistant Professor, Vivekanand Education Society?s Institute of Management Studies & Research, Chembur, Mumbai, India.)

  • Gunjan Agrawal Sharma

    (Manager (Credit), Allahabad Bank, Nariman point, Mumbai, India.)

Abstract

This paper analyses the financial accounting practices that are adopted by SME’s, which are operating in Mumbai in the state of Maharashtra. The sample consists of 57 units consisting of, manufacturing firms, suppliers of various services and retail shops through administration of a structured questionnaire. The findings of the study says that most of the enterprises do not record each and every financial transaction and do not follow the accounting rules that are framed by the regulatory authorities. Thus, a further attempt was made to find out the reason for not recording the financial transactions. The findings reveal that the enterprises finds recording the transaction as a time consuming activity, which involves efforts and knowledge and the owners also lacks accounting education.

Suggested Citation

  • Veena Babani & Gunjan Agrawal Sharma, 2015. "Adoption of GAAP: An Insight Into the Small & Medium Enterprises," Indian Journal of Commerce and Management Studies, Educational Research Multimedia & Publications,India, vol. 6(3), pages 63-72, September.
    • Handle: RePEc:aii:ijcmss:v:6:y:2015:i:3:p:63-72
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    References listed on IDEAS

    as
    1. Kawalpreet Singh Chhabra & J K Pattanayak, 2014. "Financial Accounting Practices Among Small Enterprises: Issues and Challenges," The IUP Journal of Accounting Research and Audit Practices, IUP Publications, vol. 0(3), pages 37-55, July.
    2. Raymond A. Ezejiofor & Ezenyirimba Emmanuel & Moses C. Olise, 2014. "The Relevance of Accounting Records in Small Scale Business: The Nigerian Experience," International Journal of Academic Research in Business and Social Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Business and Social Sciences, vol. 4(12), pages 69-82, December.
    Full references (including those not matched with items on IDEAS)

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