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International Accounting
 

Simplified accounting and reporting rules for small and medium-sized enterprises in foreign practice

Vol. 18, Iss. 40, OCTOBER 2015

Received: 1 February 2016

Accepted: 7 February 2016

Available online: 27 February 2016

Subject Heading: NATIONAL STANDARDS OF ACCOUNTING AND REPORTING

JEL Classification: 

Pages: 34-52

Kozmenkova S.V. Lobachevsky State University of Nizhny Novgorod – National Research University, Nizhny Novgorod, Russian Federation
skozmenkova@yandex.ru

Krupinova E.S. Lobachevsky State University of Nizhny Novgorod – National Research University, Nizhny Novgorod, Russian Federation
e.krupinova@mail.ru

Importance The article compares general economic indicators of the Russian small and medium-sized business development with similar indicators of a number of foreign countries. It reveals that the Russian SME sector legs behind considerably, and shows the importance of reviewing the experience of developed foreign countries in small and medium-sized business support, and researching the simplified accounting and reporting rules for these categories of economic entities.
     Objectives The aim is to study simplified rules of accounting and reporting for micro-sized, small and medium-sized enterprises of the USA, China, Germany, Great Britain and Singapore.
     Methods The methodological framework includes scientific methods of inquiry, namely, analysis, comparison, and induction. We review laws and regulations of analyzed countries, national accounting standards, and relevant foreign and domestic academic papers.
     Results We defined classification criteria for micro, small and medium-sized businesses in the USA, China, Germany, Great Britain, and Singapore; analyzed documents that regulate accounting and reporting of these economic entities in the analyzed countries; and compared particular accounting and reporting rules for these enterprises with accepted national accounting rules.
     Conclusions At present, there is a tendency towards accounting standards differentiation depending on the size of business, especially after IFRS for SMEs have become effective. Simplified rules for recognition and further accounting for particular objects are developed for companies falling into the micro or small business category. If the national standards envisage simplified accounting rules for medium-sized companies, they mainly cover the requirements to disclosure and presentation of information in financial statements.

Keywords: accounting, SME, foreign experience

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