Die noodsaaklikheid van 'n rekeningkundige verslagdoeningsraamwerk vir klein en medium grootte entiteite

[摘要] ENGLISH ABSTRACT:THE NECESSITY OF A FINANCIAL REPORTING FRAMEWORKFOR SMALL AND MEDIUM-SIZED ENTITIESFinancial statements are prepared annually for all types of businesses and for awide variety of users that require specific information in order to make certaindecisions. The majority of users of the financial statements of larger companies,especially listed public companies, use the information in fmancial statements tomake investment decisions, since they are unable to obtain fmancial informationin any other way. However, the users of the financial statements of small andmedium-sized entities have a legal and/or inferential right to request furtherfinancial information to enable them to make certain decisions.Thus, users of fmancial statements are classified according to their right toobtain fmancial information. To protect the right of the users of larger entities, itis necessary to compile fmancial statements in accordance with a financialreporting framework that includes certain requirements regarding themeasurement and recognition of transactions, as well as the minimuminformation that needs to be disclosed to these users.This fmancial reporting framework has been adapted over the years to protectinvestors. Small and medium-sized entities are legally compelled to comply withthe same reporting framework at a high cost, even if such users had no need forall the information. To assist small entities (that are of great value to theeconomy) in saving these costs whilst still setting a standard, differentinternational models were implemented that have encouraged South Africa tofollow the same path.To make a success of the South African model, two criteria should be met.Firstly, the qualification requirements for an entity should be based onqualitative criteria, such as the right of users to obtain further information, beforesuch entities can comply with the accounting standards set for small andmedium-sized entities. Secondly, simpler and more understandable financialstatements should be the result of the application of these new financialstandards. This is only possible if the measurement and recognition criteria aswell as the disclosure requirements of the current accounting standards areadjusted to meet the needs of smaller entities.These adjustments, as well as the implementation of new accounting standardsare discussed in this study, after which the writer reaches the conclusion that afinancial reporting framework for small and medium-sized entities is necessaryfor the upcoming South African economy.

[发布机构] Stellenbosch University