FINANCIAL ACCOUNTING AND REPORTING IN SMALL FIRMS

A.J.M. Humayun Murshed
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A.J.M. Humayun Murshed: Department of Management Studies, Universiti Brunei Darussalam, Negara Brunei Darussalam, Brunei

Journal of Enterprising Culture (JEC), 1996, vol. 04, issue 02, 163-182

Abstract: Small firms’ role in the modern business world is well recognized. Despite such recognition, there exists a dearth of research in small firms, particularly in understanding the implications of accounting and finance. This paper reports the results of an empirical study carried out on the financial accounting and reporting of small firms in Bangladesh. Financial reporting does not seem to be important in these firms except for complying with tax formalities. No systematic way of presenting financial figures among the firms was observed. Most firms’ financial statements do not provide any database for organizational decision making. The managers have a high degree of satisfaction, particularly with the format used in presenting financial statements. On the contrary, they hardly use those financial statements in organizational decision making and control. They prefer to use a simple form of financial statement and show almost no concern for users’ need and attaining financial control.

Date: 1996
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DOI: 10.1142/S0218495896000101

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