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Rezumat articol ediţie STUDIA UNIVERSITATIS BABEŞ-BOLYAI
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Rezumat: The development of international accounting has evolved from a reporting tool for multinational companies in the 1960s to a medium for global competition for financing and investing opportunities today. Large international companies have seen the target of international standards because the need for comparable financial information was mainly seen for stock listed companies in order to facilitate the decision process for international investors. Now, because of the new approach in international accounting, the setting of standards for small and medium sized companies became one of the most interested subjects. On 15 February 2007, International Accounting Standards Board (IASB) published for public comment the Exposure Draft on its International Financial Reporting Standards for Small and Medium sized Enterprises, IFRS for SMEs. The task of this article is an analysis of the European environment for accounting and financial reporting regarding SMEs, as we want to see if the development of a single set of standards for SMEs for achieving comparability in their financial reports is both difficult and in their best interest. Current harmonization studies envisage the problem of harmonization analyzing the level of harmony in accounting practices or in accounting standards in one or more than one moment. The purpose of this paper is to activate the academic debate in accounting harmonization for small and medium size entities, and if the main objective, the homogenization of information reflected by financial statements, is accomplished.
Keywords: financial statements, comparability, accounting principles
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