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Splitting Accountability Hairs: Anomalies in the Adaptation of IFRS for SMEs in the UK and Ireland

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  • Imam Arafat
  • Theresa Dunne
  • Ahmed Hassan Ahmed

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 two 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.

Suggested Citation

  • Imam Arafat & Theresa Dunne & Ahmed Hassan Ahmed, 2020. "Splitting Accountability Hairs: Anomalies in the Adaptation of IFRS for SMEs in the UK and Ireland," Accounting in Europe, Taylor & Francis Journals, vol. 17(2), pages 183-203, July.
    • Handle: RePEc:taf:acceur:v:17:y:2020:i:2:p:183-203
    DOI: 10.1080/17449480.2020.1764601
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    Cited by:

    1. Paula Silva, Ana & Fontes, Alexandra & Martins, Adelaide, 2021. "Perceptions regarding the implementation of International Financial Reporting Standards in Portugal and Brazil," Journal of International Accounting, Auditing and Taxation, Elsevier, vol. 44(C).
    2. Arber Hoti & Lulzim Krasniqi, 2022. "Impact of international financial reporting standards adoption on the perception of investors to invest in small-to-medium enterprise adopting transparency in disclosure policies," International Journal of System Assurance Engineering and Management, Springer;The Society for Reliability, Engineering Quality and Operations Management (SREQOM),India, and Division of Operation and Maintenance, Lulea University of Technology, Sweden, vol. 13(1), pages 506-515, March.

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