A Simpler Standard for Small Entities
Publication Type
Book Chapter
Version
Publisher’s Version
Publication Date
2013
Abstract
In Singapore and many other countries around the world, laws or regulations require most small and medium-sized entities (SMEs) to publish general purpose financial statements and have them audited (typically subject to an audit exemption threshold). The rational is that stakeholders such as banks, suppliers, customers, rating agencies, venture capitalists, and outside investors all use the financial statements of SMEs to make lending, credit and investment decisions. SMEs also have incentive to provide high quality and comparable information to their stakeholders because high quality financial information will help them to reduce their cost of both debt and equity capital.
Keywords
accounting, small enterprises, Singapore
Discipline
Accounting
Research Areas
Corporate Reporting and Disclosure
Publication
Getting your Accounting Right
First Page
103
Last Page
114
ISBN
9789810766641
Publisher
SMU and CPA Australia
City or Country
Singapore
Embargo Period
1-13-2014
Citation
Wang, Jiwei. 2013. "A Simpler Standard for Small Entities." In Getting your Accounting Right, 103-114. Singapore: SMU and CPA Australia.