THE FINANCIAL REPORTING TO THE LEVEL OF SMES. INTERNATIONALIZATION AND APPLICABILITY

Ioana Mo? (), Dorel Mate? (), Veronica Grosu () and Aura Domil ()
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Ioana Mo?: West University of Timi?oara, Romania
Dorel Mate?: West University of Timi?oara, Romania
Veronica Grosu: Stefan cel Mare University of Suceava, Romania
Aura Domil: West University of Timi?oara, Romania

European Journal of Accounting, Finance & Business, 2014, vol. 2, issue 1, 23-33

Abstract: In a globalized world, SMEs need to be able to face increasing competition in developed economies and developing countries, there is a direct link between internationalization and growth performance of SMEs. Growth consolidation of international activities has increased the competitiveness and support the long term sustainability of the entities. However, SMEs still depend on their domestic markets, despite the extensive opportunities offered by the single market and globalization. According to the IASB in 2009 was issued the standard simplified IFRS for SMEs by providing information on the financial position, performance and cash flows of the entity, the necessary decision-making. This standard provides an alternative set of IFRS an entity in small or medium can adopt it and apply it to be understood internationally. As we know, in Romania, the applicability of the IFRS for SMEs is null, being used the Minister of Finance Order no.3055/2009 in accordance with European directives. Therefore CECCAR supports them by providing the most reliable information about this standard, as this sector depends on the quality of accountants. This article was followed, in a complex framework, the essential information on applying IFRS for SMEs in financial reporting.

Date: 2014
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