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SMEs Presentation And Disclosure Requirements

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Question:

Discuss about the SMEs Presentation and Disclosure Requirements.
 
 

Answer:

Introduction

The primary purpose of the current research is to deliver insight into recent developments in different issues of financial accounting and aims to concentrate on the overall influence of the international financial reporting standards on small as well as medium sized enterprises (SMEs). In essence, this current research provides a modern-day evaluation of the overall successes and difficulties of adoption of IFRS by SMEs.

The International Accounting Standards Board has particularly followed a very strong schedule in current years in order to a formulate a simplified set of International Financial Reporting Standards for specifically non-publicly liable small as well as medium sized enterprises (SMEs). Essentially, IFRS for particularly SMEs declared during the year 2009 was draw from the entire IFRS with considerably condensed recognition and measurement rules. In the records of accounting regulation setting procedures of the IASB, directives of IFRS for particularly SMEs was essentially the first ever set of directives that were designed for small as well as medium sized business concerns. Basically, IFRS regulations for SMEs has received great deal of attention and different accounting regulatory units counting IASB are always monitoring the process of adoption and the execution of the regulation throughout the world.

Particularly, small as well as medium enterprises play a crucial role in economic as well as social development in both developed and developing nations. However, it can be observed that the segment of small and medium sized business concerns can be considered as the largest provider of employment in several nations, specifically from the perspective of employment generation. Moreover, the contribution of diverse SMEs to specifically economic output, innovation, strategy and technological advancements is also widely identified. However, the IASB presents the view that the adoption of IFRS for small as well as medium sizes business concerns can certainly augment the accessibility of the SMEs to international finance by means of utilization of harmonizes and at the same time superior quality financial information. Thus, this switch over can be considered to be a major step forward for SMEs in case if the perceived advantages are aptly identified by nations.

The notions of worldwide convergence of accounting standards dates back to the year 1950s that is during the time when the economic assimilation as well as cross border trading started to flourish post the second world war (Hellman et al., 2015).

The primary aim of the current research is to undertake a detailed evaluation of the conceptual as well as practical concerns associated to convergence of IFRS for different SMEs and to recommend feasible ways to resolve the issues (Kajüter & Nienhaus, 2017).

The objectives of the research is

  • To analytically evaluate IFRS for particularly SMEs counting the development as well as implementation procedure of the directives and to present thorough insight into the process of assumption of IFRS for particularly SMEs.
  • To critically assess whether financial accountants are capable of distinguishing between different principles of recognition as well as measurement of full IFRS and that of the IFRS regulations for SMEs at the time of exercising judgements (Valentinetti et al., 2016).
  • To critically analyse the overall influence of the reduced directions and regulations of IFRS for particularly SMEs on the specialized judgement of accountants.
  • To examine perceptions of users regarding effectiveness of financial assertions that are prepared and presented in conformation with regulations of IFRS for particularly SMEs.
  • What is the impact of IFRS for mainly SMEs taking into consideration the development as well as implementation procedure of the directives?
  • Can the financial accountants distinguish between different principles of recognition and measurement of specifically full IFRS and from that of the IFRS regulations for mainly SMEs at the time of carrying out judgements?
  • What are the impacts of the reduced directions as well as directives of IFRS for particularly SMEs on the specific judgement of accountants?
  • What are the perceptions of different users regarding usefulness of financial assertions that are prepared and presented in compliance with directives of IFRS for mainly SMEs?
 

The current section elucidates in detail prior literature that helps in explaining development of IFRS for small and medium sized enterprises, certain IFRS provisions for small as well as medium sized enterprises. In addition to this, this segment also helps in understanding the implementation of IFRS for SMEs in diverse nations, theoretical framework, and emerging matters in the process of IFRS for diverse SMEs (Markelevich et al., 2015). The existing literature also illustrates in detail different jurisdictions of IFRS and gaining linkages to existing literature explaining accounting regulatory structure for different small and medium enterprises (SMEs) (Uyar & Güngörmü?, 2013).

Rossi & Hanni (2016) asserts that small as well as medium sized corporations in diverse jurisdictions are recently gaining enormous attention and have also stepped into worldwide accounting reporting field as an outcome of the opening of the International Financial Reporting Standards (IFRS) for small as well as medium enterprises. In particular, this current study analytically assesses IFRS for specifically SMEs, counting the development along with execution procedure of the standards. In addition to this, this applies the structure of decision usefulness theory as well as pecking order theory for evaluating concerns pertaining to both development as well as execution of IFRS for small and medium sized enterprises. In addition to this, this study also delivers substantiation that IFRS for particularly SMEs have been a difficult proposition for non-publicly liable units to adopt. In addition to this, there are also numerous conceptual as well as practical concerns with regulations of IFRS for mainly SMEs (Kordecki & Bullen, 2014). Again, the evaluation and deep insights provided by the current study will have severe insinuations for revising IFRS for particularly SMEs and will help in addressing future complications in the process of convergence (Kordecki & Bullen, 2014).

Accounting regulatory structure for SMEs

Graham et al., (2017) asserts that explicit accounting information directs the way towards successful management of a particular business, regardless of the size of the firm. Fundamentally, SMEs are let off from statutory audit necessities and are necessarily subject to diverse simplified accounting principles (Rossi & Hanni, 2016). However, with the entire set of IFRS implemented for diverse publicly accountable business entities, numerous arguments were raised by different small sized business entities regarding the intricacy of application of the entire IFRS. Thus, the requirement for simplified set of accounting regulations fitting for SMEs was widely appealed by several jurisdictions. Subsequently, the IASB declared IFRS for particularly SMEs during the period 2009 with the intention that they would be implemented by SMEs around the world (Liu & Lee, 2014).

It is identified that the directives of IFRS augment the overall comparability of pecuniary information of diverse business units across the entire world. Again, publicly accountable business entities that are traded in diverse public capital markets, SMEs normally do not have the liability of the current superior quality comparable financial information for diverse users (Uyar & Güngörmü?, 2013). Nevertheless, the IASB is primarily of the opinion that SMEs can acquire advantage of accessing competitive loans from mainly transnational financial lenders in case if the financial assertions between the nations were comparable. Essentially, the main aim of introducing the directive is to deliver financial reporting relaxation and lessen the managerial burden of business concerns that necessarily do not have public liability, however, prepare and present general purpose financial statements for diverse external users (Wagenhofer, 2016). Again, the IASB also believes that the straightforward version can replicate the overall requirement of diverse users of small and medium business concerns’ financial assertions and the cost benefit factors of SMEs. Abdullah et al., (2017) mentions that the objective of IASB to introduce a novel accounting structure for small as well as medium sized enterprises necessarily embraces the entire notion of user oriented financial assertion. In particular, the attention on specific decision effectiveness in IFRS mainly includes assessment of pecuniary information. Again, then attention on decision effectiveness in IFRS for mainly SMEs can be considered to be paradigm shift from mainly traditional focus of financial assertions of small and medium enterprises. Nassar et al., (2014) asserts that the theory on decision usefulness presupposes that the primary aim of accounting is to help the overall decision making procedure of the pertinent users of different accounting reports by delivering effectual else wise data on accounting. Kamath & Desai (2014) put forwards their view that this notion also delivers a specific rational structure that can help in deriving accounting principles as well as accounting practices. Essentially, history of establishing standard process, decision usefulness theory can be regarded as a significant benchmark in selecting suitable accounting treatment that suit the requirements of different users (Valentinetti et al., 2016).

Extant academic literature mentions the fact that little is known about actual users and their requirements of information in association to the financial pronouncements of SME. Again, there too exists inconsistency in the observations on users and their information requirements in the available limited literature on financial assertions of SME and these questions remain unreciprocated. Chen et al., (2014) asserts that users and their necessity for information vary between publicly as well as non-publicly liable business entities. The development procedure of simplifying different principles of accounting and accounting practices founded on identical conceptual framework and the extent to which these methods of simplifications are deduced from the information requirements of varied users of financial information of SMEs is unclear (Kajüter & Nienhaus, 2017).

 


As rightly indicated by Jeong et al., (2014), another revolutionary idea behind introduction of IFRS for SMEs is to augment access of SMEs to different international capital by means of utilization of superior quality as well as harmonized financial declarations.  As correctly mentioned by the pecking order theory, business entities prioritize different sources of financing in a hierarchical inclination order from internal sources of funding, debt funding to equity funding (Kajüter & Nienhaus, 2017). As per this notion, information asymmetry exerts impact on the overall choice/selection between internal as well as external sources of funding. As far as effectual utilization of financial information in the process of accessing diverse external sources of financing is concerned, IASB’s intention to reduce information asymmetry of SMEs by presenting and preparing superior quality pecuniary pronouncements using directives of IFRS for SMEs have the need to be analysed implementing the pecking order theory (Hellman et al., 2015).

As rightly put forward by Beckman et al., (2017), learners are interested in finding out whether accounting information requirements of different groups of users of financial assertions differ considerably. Again, an ongoing discussion on diverse user groups of financial assertions stresses that users of financial declarations are not a homogeneous group (Boateng et al., 2014).

H1: Prior understanding and beliefs regarding the full IRFS regulation will exert impact on the process of interpretation and application of IFRS for mainly SMEs

Illustration: This addresses primarily the first objective of the current study. In essence, the main objective of this study is to analytically assess IFRS for mainly SMEs, counting the development as well as execution procedures of the regulation. Particularly, it starts by delivering an overview on the background to the entire accounting regulatory structure for mainly SMEs and thereafter assesses the significance of SMEs. As such, the current study implements the entire structure of specifically decisions usefulness theory as well as the pecking theory for evaluating issues pertaining to the development and execution procedure of IFRS for mainly SMEs. However, this study can help in recognizing different issues that are engaged in the due process and elucidates the way these types of issues can hinder the entire process of development along with process of implementation of IFRS for mainly SMEs. Again, this can also help in delivering evidence as regards diverse complications as well as contentious concerns associated to execution procedure of the directive (Kajüter & Nienhaus, 2017). Particularly, the study also helps in understanding diverse barriers as well as inconsistencies in provincial regulation and reporting structures, disagreement over differential reporting structure along with technical difficulties that are inherent in directives of IFRS for mainly SMEs.

H2: Requirement of Judgement justification can mitigate the entire confirmation bias stemming from prior understanding as well as belief regarding full regulations of IFRS at the time when professional accountants interpret and implement IFRS for mainly SMEs

Illustration: This essentially the second objective of the present study. This presents an argument that when specifically  recognition and enumeration necessities are diverse across particularly full regulations of IFRS as well as IFRS for mainly SMEs, then ensuing judgements regarding reporting of accountants on specifically IFRS for mainly SMEs might get biased towards the directives of full IFRS. This mainly happens at the time when professional accountants have prior knowledge as well as beliefs regarding full IFRS (also referred to as confirmation bias) impact on the reporting judgements of specifically accountants at the time of implementing IFRS for mainly SMEs.  Thus, the current study intends to critically examine the judgement validation necessities and the availability of diverse decision aids that can further assist in mitigating difficulties of confirmation bias that necessarily stems from prior beliefs and knowledge on full IFRS (Kajüter & Nienhaus, 2017). Again, the inclination to substantiate prior knowledge along with beliefs regarding full IFRS certainly impairs the reporting judgements of diverse professional judgements. This essentially happens at the time when people interpret and implement IFRS for mainly SMEs. Again, the confirmation bias in particularly the process of making judgements can be alleviated by enhancing awareness regarding justification necessities and by utilizing suitably designed decision that contrast the variances in specifically recognition as well as measurement criteria between IFRS for mainly SMEs and essentially full IFRS.

H3: A decision made is expected to mitigate the overall confirmation bias stemming from prior knowledge as well as beliefs regarding the entire IFRS when different accountants analyse and implement IFRS for mainly SMEs.

The third hypotheses also assesses  the possible role that specific judgment validation requirement along with availability of specific decision  aids have in the process of justifying the confirmation bias stemming from former beliefs regarding full IFRS.

The research methodology can be considered as the methodical, theoretical evaluation of the mechanisms implemented to a particular field of study. Essentially, research methodology comprises of theoretical evaluation of the entire body of mechanisms as well as principles related a branch of knowledge. Research Methodology hereby helps in understanding the procedure that can be carried out for undertaking the current research study.

As rightly indicated by Mackey & Gass (2015), research design indicates towards the overall policy that will be selected for the process of integration of diverse components of the current study in a coherent as well as rational manner. This can help in making certain the fact that this research design can effectually address the specific research problem and assists in comprehending the overall blueprint of the research collection, process of measurements and evaluation of data.

There are necessarily two different types of research approach that includes deductive and inductive approach. As rightly mentioned by Taylor et al.,  (2015), the inductive approach does not comprise of development of hypotheses. Essentially, this starts with research questions, research aims along with research objectives that have the need to be attained during the process of the research. On the other hand, the deductive research approach refers to formulation of an entire set of hypotheses for the study that have the need to be confirmed or else rejected during the procedure of the research. This necessarily comprises of analysis of theory, deduction of hypotheses based on the hypotheses. Thereafter, this process includes observations as well as tests and subsequently conformation else wise rejection of the stated hypotheses. However, the purpose of the present study, the learner intends to present inductive research approach that can help in understanding the problem associated to the research and carry out specific observations and arrive at particular observations (Flick, 2015).

 


The learner intends to undertake exploratory research design that can help in exploring the identified research questions and does not necessarily present final as well as conclusive solutions to diverse existing difficulties. This can be illustrated as an assertion of different affairs and can be characterised as an attempt to specifically determine, illustrate or else recognize the topic under consideration. The selection of this research design of descriptive type can help in describing different aspects of the current phenomenon, characteristics as well as behaviour of the target sample. Additionally, adoption of this research design can assist in illustrating and substantiating diverse research findings (Taylor et al., 2015).

As correctly put forward by Taylor et al., (2015), there are two different types of quantitative as well as qualitative research methods. Quantitative research method is mainly utilized for the purpose of quantification of the identified research problem by means of generation of numerical data. This numerical data can be later on transformed into specific usable statistics. Essentially, this can be utilized for the purpose of quantification of specific attitudes, behaviours, diverse defined variables as well as opinions. Again, this can also be used for generalization of results from a large sample. On the other hand, qualitative research mechanism is primarily used in relation to exploratory research. Taylor et al., (2015) mentions that this research provides specific insights into specific research problems and assists in the process of development of ideas else wise hypotheses for quantitative research. Quantitative research study therefore can be used for uncovering diverse trends in specific thoughts as well as opinions and delve deeper into the identified problem. In essence, for the purpose of the present study, the learner intends to utilize the mixed methods that include both the quantitative as well as qualitative methods. Essentially, the learner intends to undertake mixed research approach that involves mixing both quantitative as well as qualitative research. This can assist in gaining breadth along with depth of comprehending and corroboration, whilst offsetting the limitations that are inherent to utilizing each approach.

The current study intends to utilize a mixed method approach in order to address all the identified research questions (Flick, 2015). In this study, the learner intends to conduct a survey on wine production industry for the purpose of assessing the effectiveness of diverse disclosures that are included in the financial assertions of SMEs that necessarily are prepared as per regulations of IFRS for SMEs. In addition to this, the learner also intends to undertake semi-structured interviews with managers of the wine production industries. This interview process can help in gaining deep insight into appropriateness as well as economic consequences of the process of simplification of the entire procedure of recognition along with the principles of measurements necessities of IFRS for small and medium sized enterprises.

The learner intends to make use of both primary as well as secondary data for the purpose of current study. As rightly indicated by Flick (2015), both primary as well as secondary data are essentially two different types of data, each one of them having advantages and disadvantages assist in understanding the specific issue or else testing the hypothesis. The primary data refers to the first hand data that are essentially acquired by investigators themselves directly from the field of the study. On the other hand, the secondary data refers to the data that are acquired by someone else other than the investigator themselves. In essence, the general sources of secondary data for studies necessarily comprises of censuses, information acquired by different government divisions, records of corporation as well as data that was acquired for research functions.

Method of collection of data

The investigator of the current study intends to collect primary data by using questionnaires method and interview method (Flick, 2015). Essentially, the researcher proposes to collect primary data through responses received from telephonic interviews of 20 managers and answers received from the mailed questionnaire distributed to 50 managers. However, the researcher proposes to collect secondary data through official websites, newspapers, journals and books.

The managers of the wine production industries are selected as the participant of the survey. The learner intends to distribute the questionnaire through emails among 50 senior managers. In addition to this the learner intends to undertake interview with 20 managers functioning in the SMEs in wine production industry in Australia. Thereafter, valid responses that will be received can help in yielding usable rate of response. Essentially, the sample is necessarily limited to the wine production industry and this can help in increasing the overall likelihood that the surveyed managers’ responses that would rely on specific available accounting information of SMEs. Again, the learner also intends to ask pertinent questions to survey participants regarding adoption of accounting information that can be regarded to be effective for the small and medium sized wine industry. Again, the learner also proposes to reflect their own interest in taking part in follow up interview. Over and above 80% of the target respondents reflected that would partake in follow up interview. Furthermore, in order to make certain a representative sample of managers of wine production from each corporation, stratified sampling procedure can be utilized for randomly choosing participating respondents in the follow up interviews (Flick, 2015).

The learner intends to utilize the simple random sampling for selection of the sample consisting of managers operating in the SMEs in wine production industry of Australia. In this case, the managers have equal probability of getting selected in the sample (Flick, 2015).

During the first part of the survey questionnaire, the learner intends to understand the demographic information of the targeted respondents namely gender, age, formal education, formal educational qualifications as well as years of experience in small as well as medium sized enterprises. Again, partakers of the survey will also be asked to reflect the familiarity level of with the regulations of IFRS for particularly small and medium sized enterprises. The responses of the survey questionnaires have the need to be marked and enumerated on a five point Likert Scale (where 1 stands for “not useful” and 5 stands for “extremely useful”) (Mackey & Gass, 2015). In addition to this, the learner intends to formulate the second segment of the survey questionnaire that intends to focus on diverse sources of specific information for evaluation of opinions of research participants on the effectiveness of diverse accounting measurement notions of different items in the financial statements. Additionally, the second segment of the questionnaire intends to stress on particular information on items and general information regarding the directives, presentation as well as checklist of disclosure of IFRS for the industry in SME.  Furthermore, the learner also intends to instruct all the respondents regarding the information separately specifically in the context effect of directives of IFRS for small and medium sized enterprises particularly wine producing industries. As such, the learner also intends to deliver all the requisite instructions in the questionnaire in a bid to establish suitable decision context. Addition to this, for the purpose of the present study the learner also has the intention to verify the overall internal validity as well as consistency of the accounting information items contained in the questionnaire using Cronbach Alpha Test. Particularly, the alpha coefficient acquired for diverse accounting items is to be used for analysis of the consistency and verification of the reliability of the questionnaire.

 


The learner intends to undertake semi-structured interviews with the managers of the wine production industries that are necessarily in the small and medium sized enterprises. Essentially, the learner also has the intention to carry out total 10 interviews over telephone owing to unavailability of the target interviewee at particularly the scheduled time of interviews. In this case, it can be hereby mentioned that all the researchers also take into consideration the ethical considerations (Mackey & Gass, 2015). For this purpose, the learner intends to ensure anonymity and assist in maintaining consistent as well as dependable responses. Again, for the purpose of the present study, the learner intends to inform about the distinctiveness of the respondent and the wine production industry would remain unidentified. The interview guide will also be presented that can address essentially three objectives. The primary main is to comprehend the perception of the managers of the wine production companies on the effectiveness of easy recognition as well as measurement necessities in IFRS regulations for SME. In addition to this, questions on semi-structured interview will be primarily founded on the prohibition of the entire revaluation strategy option on specifically property, plant as well as equipment, specific recognition on specifically costs of research as well as development as expends at the time when the same is incurred. In addition to this, the effectiveness of fair value for definite classes of asset, and recognition of delayed tax accounting. Again, the interviewees will also be asked to mention on the appropriateness as well as economic results of oversimplification of recognition as well as requirements of measurements. Furthermore, the semi-structured questions are also developed and designed to comprehend particularly the common perceptions of the management of the wine production industry and the in general perception of the managers on effect of accounting regulations, effectiveness of statements that are prepared and presented in conformation with IFRS regulations for small and medium sized enterprises (Mackey & Gass, 2015).

The learner intends to undertake quantitative analyse the acquired primary data by means of statistical as well as mathematical techniques such as frequency, central tendency, dispersion and many other inferential statistical mechanisms (correlation, regression and testing of hypothesis using specific statistic). The learner proposes to undertake qualitative analysis of the primary data obtained from the subjective responses of the partakers of research. For this purpose, the investigator intends to understand context of the present study, comprehend the people under consideration and comprehending the process of interaction. Qualitative analysis of in-depth as well as explanatory data collected from a target sample is said to be carried out by drawing patterns from specific concepts along with insights (Taylor et al., 2015). The secondary data obtained from prior academic studies can be analysed by analysis of content and thematic analysis.

-Utilization of the exploratory research approach is said to have its own limitations. The process of analysing the findings on several issues encountered in the process of adoption of IFRS for mainly SMEs is limited to previous studies as well as current publications on transformation of full set of particularly IFRS and IFRS for mainly SMEs. Essentially, the utilization of mainly secondary research sources namely prior academic literature and elaborate discussions might perhaps be susceptible to concerns of interpreter bias and hereby limit generalization. Nevertheless, attempts to overcome certain specific drawbacks by acquiring pertinent materials and utilizing theoretical structures for interpretations of data might possibly fail. As such, in a bid to enhance the generalization, further research can possibly be undertaken indifferent jurisdictions for reflecting the real execution difficulties as well as issues and faced at the nation or at domestic level (Kordecki & Bullen, 2014). Again, in terms of those nations that have adopted the novel standards, further studies can also be undertaken for investigating the cost benefit analysis of IFRS for different SMEs.

Again, although the current study is expected to provide interpretational evidence, specific simulated outcomes might not be generalized into specific real world circumstances. In essence, in a real accounting environment, all the accountants essentially have the incentive for different vigilant processing of information and the behaviour is not observed in the current research setting. Again, the study needs to be presented in a manner that might face judgemental bias that need to be averted. Again, process of evaluation of user perception regarding effectiveness of IFRS for mainly SMEs from a particular group of user of SME financial assertions shall not reflect the perceptions of diverse groups of users. This can limit the overall generalization of different findings. Furthermore, the current study will be based on wine production industry as SME.  The proposed study is therefore limited only to a specific industry and their perception regarding adoption of IFRS regarding SMEs (Rossi & Hanni, 2016). However, for this particular reason, the conclusions cannot be regarded to be comprehensive and generalized to the wider community founded on this current research alone. However, the IASB keeps on tracking the execution experience and the requirements to make modifications to the regulation. Therefore, it will be important to incorporate the execution experience of other nations in future research. Essentially, the outcomes of this proposed research might warrant further research that can make attempts to reflect the outcome with respect to different other nations that have already adopted or else opted for the implementation of IFRS for mainly SMEs.

Contribution of the entire research

The present research study is said to enhance the understanding regarding international accounting as well as practices of accounting. The current study is also expected to provide conclusive assertions based on wide-ranging examination of the process of adoption of particularly IFRS for mainly SMEs, counting the process of development as well as execution procedure of the specific standard. Again, the current study is also expected to replicate diverse challenges for publicly as well as non-publicly liable entities for adoption owing to different conceptual as well as practical issues pertaining to mainly IFRS for mainly SMEs. furthermore, the study also delivers insights regarding the issues related to IASB’s due procedure of IFRS for mainly SMEs and several execution issues. Additionally, the outcomes are also anticipated to broaden the overall understanding regarding convergence as well as practices of reporting (Uyar & Güngörmü?, 2013). As such, this study can also deliver significant contribution to the process of judgement as well as decision making in the process of accounting. Although the process of adoption of IFRS for mainly SMEs has essentially received huge attention, lesser attention is given to accounting literature for demonstration of readiness of different preparers to accept regulations of IFRS as a standalone directive. The outcomes of the study are also significant especially to setters of accounting standard as they deliver deeper and at the same time comprehensive understanding of perceptions of different users of usefulness of decision regarding recognition as well as principles of enumeration along with disclosure necessities in IFRS for mainly SMEs. In addition to this, the study is also anticipated to reflect the process of simplification in process of recognition as well as enumeration necessities of particularly IFRS for mainly SMEs in wine production industries.

 Furthermore, the study is again expected to represent differential framework for reporting that might create inconsistency in particularly true as well as fair view notion. Again, the study also emphasizes that the exaggeration on the process of simplification of principles of accounting as well as difficulties engaged in the process of execution might hinder attainment of objective of enhancement of transnational access to finance. This act of simplification can be carried through superior quality as well as analogous financial information and the anticipated advantages might not transfer effectually to mainly SMEs. Additionally, the analysis along with insights that is to be delivered by the current study is said to have insinuations particularly for revision of regulations of IFRS for mainly SMEs in the wine production industry. This is carried out mainly at the when IASB undertakes the assessment of IFRS for SMEs and designs future modifications to the regulation. As such, the findings can also help in averting or else minimising future modifications in the specific standard. However, the findings is also said to deliver deep insights regarding future complications in the process of IFRS adoption for different SMEs in the wine production sector. Again, this study can help in delivering suitable designed decision help that can help in making clear difference between recognition as well as measurement notions of particularly full IFRS as well as IFRS for mainly SMEs in the wine production industry in Australia. Again, the study can also help in presenting conclusive outcomes regarding the benefits that SMEs reap from conformation with regulations of IFRS for mainly SMEs. However, this can happen when the mindset of preparers of financial assertions shifts and they accept IFRS for mainly SMEs (Uyar & Güngörmü?, 2013).

The learner essentially presents an abstract that contain statement of research problems, scientific goal of the study in normal terms, methods of the study and conclusive outcomes and discussion.

The learner intends to divide the entire research study into five different chapters. Here, chapter 1 presents the introductory section that helps the reader to comprehend the entire study. This section is expected to deliver a complete overview of the research, research problems and framed questions for the research, research aims and objectives along with significance of the research. Thereafter, chapter 2 of the study is to present the review of the literature that can present an analysis of the prior academic literature and academic evidences. The third chapter is to present the methodology of research that will present the research approach, research design, research type, data sources, process of collection of data, selected sample for the study and the process of analysis of the acquired data (Uyar & Güngörmü?, 2013). Thereafter, the fourth chapter is said to present the section on analysis and interpretation of the acquired data for the present study. Finally, the final chapter on conclusion and recommendations is said to present the conclusive statements based on the findings of the research.

Timeline for Research Conducted

Task Details

Start date

End date

Days involved

Background of the study

2-May-17

7-May-17

5

Research Aims and Objectives

7-May-17

10-May-17

3

Research Questions

10-May-17

15-May-17

5

Links to present Literature Review

15-May-17

20-Jun-17

35

Development of Hypothesis

20-Jun-17

30-Jun-17

10

Research Methodology

1-Jul-17

12-Aug-17

42

Sources of Data

12-Aug-17

17-Aug-17

5

Methods of Data Collection

18-Aug-17

25-Aug-17

7

Sample and Sampling Technique

25-Aug-17

30-Aug-17

5

Survey Questionnaire

31-Aug-17

5-Sep-17

6

Interviews

5-Sep-17

2-Oct-17

25

Methods of Data Analysis

20-Sep-17

2-Oct-17

12

Limitations of Research

3-Oct-17

13-Oct-17

10

Contribution of Entire Research

13-Oct-17

20-Oct-17

7

Contribution of Organization Research

20-Oct-17

1-Nov-17

10

 

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Liu, J. Y., & Lee, M. S. (2014). MCDM Approach for the Adoption of IFRS for SMEs: Using Taiwan as an Example. Journal of Testing and Evaluation, 43(4), 964-976.

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Rossi, P., & Hanni, T. (2016). The Impact of Voluntary IAS/IFRS Adoption on Medium Italian Private Entities: Implications for the Adoption of IFRS for SMEs. Journal of Modern Accounting and Auditing, 12(12), 582-611.

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