Prospects of Application of International Standards in Financial Reporting by Small and Medium-size Businesses in Georgia

Levan Sabauri and Nadezhda Kvatashidze

International Journal of Business Administration, 2018, vol. 9, issue 2, 1-8

Abstract: Drafting financial statements according to the complete (global) International Financial Reporting Standards (IFRS) in place by small and medium-size businesses (enterprises) is a laborious and costly task, so much so that it does not comply with the cost-utility ratio guideline of the IFRS conceptual framework. The International Accounting Standards Board (IASB) developed financial reporting standards adequate with the transactions, deals and information users of the small and medium-size businesses, which resulted in simpler IFRS and ultimately cheaper financial statements and more useful information. Most of the businesses in Georgia are small or medium-size, so simplified IFRS allow them not only to supply information without much effort and excessive costs but develop further and attract investments.

Keywords: IFRS for small and medium-size businesses; IFRS simplification; balance between the information supply costs and utility thereof; prospects of application of IFRS by small and medium-size businesses in Georgia (search for similar items in EconPapers)
Date: 2018
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Persistent link: https://EconPapers.repec.org/RePEc:jfr:ijba11:v:9:y:2018:i:2:p:1-8

DOI: 10.5430/ijba.v9n2p1

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