文章基本信息

标题：The Convergence of SME's Financial Statements in Saudi Arabia from U.S. GAAP to IFRS: Mechanism Overview
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作者：Malik R. Elhaj
期刊名称：Universal Journal of Accounting and Finance
印刷版ISSN：2331-9712
电子版ISSN：2331-9720
出版年度：2019
卷号：7
期号：4
页码：96-105
DOI：10.13189/ujaf.2019.070402
语种：English
出版社：Horizon Research Publishing
摘要：The purpose of this study is to explore the SME's financial statements convergence mechanism from the U.S. GAAP to IFRS including the benefits and the impact of financial reporting on users of financial statements. We also explain the early IFRS adoption in Saudi Arabia according to the guideline provided by Saudi Organizations for Certified Public Accountants (SOCPA). The mechanism of the convergence incudes: nature of information to gather during the convergence, the significant IFRS to include in the financial reports, and financial accounts affected by the convergence. The article results find that the fair value adoption and Zakat rules are the most challenges for SME's in the financial stamens convergence process. The Zakat rules need more interpretation and transparency. Therefore, companies spend more effort in the preparing their financial statements for Zakat purpose. In addition, more collaboration and training are required to improve the quality of financial reporting which would reduce the time consumption and convergence costs including cost of outsourcing (offshoring) financial statements convergence to IFRS.
关键词：IFRS;U.S. GAAP;Convergence;Financial Reporting;SME's