Sozonov A.S.Voronezh State Agricultural University named after Emperor Peter the Great, Voronezh, Russian Federation sozonovas@yandex.ru
Importance The article discusses the problems of improving the international accounting practices in micro-, small and medium-sized businesses in various countries after studying the question of the implementation of IFRS for small and medium-sized enterprises (IFRS for SMEs). Objectives The article aims to provide a critical review of IFRS for small and medium-sized enterprises, concerning both the attitude towards the standard in different countries, and the problems of its implementation, as well as a study on usefulness of IFRS for small and medium-sized enterprises and the practical aspects of using prepared statements on it. The article also seeks to identify the main issues that arise in the application of the standard. Methods For the study, I used methods of abstraction, systematization, and generalization of theoretical aspects. Results The article presents the problems, the solution of which will help overcome the difficulties encountered in the application of IFRS for small and medium-sized businesses. Conclusions Further development of IFRS for small and medium-sized businesses, as the foundation of world economy, needs adjustment that will contribute to the formation of reporting for a number of public bodies and receive economic benefits. The main theoretical trends to improve are the clarification of the purpose of reporting formation and the determination of users. While the practical work of national regulatory bodies should focus on the implementation of IFRS for small and medium-sized enterprises in the economic life of each country and the subsequent explanation and popularization of the standards both in business and the professional community.
Keywords: implementation, challenges, IFRS, IFRS for SMEs, national regulatory authority
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