<abstract xmlns="http://www.w3.org/1999/xhtml"><p>Small and medium-sized entities represent a special group of entities in the economy of a country in terms of organization and structure of financial reporting primarily for external users. The publication of the International Financial Reporting Standards for Small and Medium-sized Entities reveals that the International Financial Reporting Standards are not aligned with the capabilities of small and medium-sized entities, and that they are the basis of the second level of financial reporting. The main task and the goal of IFRS for the SMEs is to simplify the existing accounting regulations for this segment of the company. They have identified the specific needs of the financial reporting of small and medium-sized entities and specific information requirements of this part of the economy. Ease of application through a simpler option valuation and disclosure decreased, reducing the cost of preparing the report, as well as continuity, represent some of the advantages of the new standard.</p></abstract>

Small and medium-sized entities represent a special group of entities in the economy of a country in terms of organization and structure of financial reporting primarily for external users. The publication of the International Financial Reporting Standards for Small and Medium-sized Entities reveals that the International Financial Reporting Standards are not aligned with the capabilities of small and medium-sized entities, and that they are the basis of the second level of financial reporting. The main task and the goal of IFRS for the SMEs is to simplify the existing accounting regulations for this segment of the company. They have identified the specific needs of the financial reporting of small and medium-sized entities and specific information requirements of this part of the economy. Ease of application through a simpler option valuation and disclosure decreased, reducing the cost of preparing the report, as well as continuity, represent some of the advantages of the new standard.

The Normative Basis Of Financial Reporting Of The Small And Medium-Sized Entities Of The Republic Of Serbia

University of Niš, Faculty of Economics, Serbia

University of Priština, Faculty of Economics Kosovska Mitrovica, Serbia

Economic Themes

This chapter is distributed under the terms of the Creative Commons Attribution 4.0 Public License.

NORMATIVNA OSNOVA FINANSIJSKOG IZVEŠTAVANJA MALIH I SREDNJIH ENTITETA U REPUBLICI SRBIJI

Small and medium-sized entities represent a special group of entities in the economy of a country in terms of organization and structure of financial reporting...

The Normative Basis Of Financial Reporting Of The Small And Medium-Sized Entities Of The Republic Of Serbia

Published Online: Oct 14, 2015

Page range: 461 - 479

Received: Nov 28, 2014

Accepted: Dec 29, 2014

DOI: https://doi.org/10.1515/ethemes-2014-0028

Keywords
International Financial Reporting Standards, International Financial Reporting Standard for Small and Medium-sized Entities, the financial statements, SMEs, Republic of Serbia

© 2014 Tadija Đukić et al., published by De Gruyter Open

This chapter is distributed under the terms of the Creative Commons Attribution 4.0 Public License.

The Normative Basis Of Financial Reporting Of The Small And Medium-Sized Entities Of The Republic Of Serbia

Published Online: Oct 14, 2015

Page range: 461 - 479

Received: Nov 28, 2014

Accepted: Dec 29, 2014

DOI: https://doi.org/10.1515/ethemes-2014-0028

KeywordsInternational Financial Reporting Standards, International Financial Reporting Standard for Small and Medium-sized Entities, the financial statements, SMEs, Republic of Serbia

© 2014 Tadija Đukić et al., published by De Gruyter Open

This chapter is distributed under the terms of the Creative Commons Attribution 4.0 Public License.

Keywords
International Financial Reporting Standards, International Financial Reporting Standard for Small and Medium-sized Entities, the financial statements, SMEs, Republic of Serbia