Accounting practitioners’ views on the proposed “Micro GAAP”: A South African perspective
Even though the IFRS for SMEs does provide some relief in respect of the financial reporting burden for non-public entities, there still seems to be a need for an even lower level of financial reporting. In recent years South Africa embarked upon the development of a financial reporting framework fo...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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AOSIS
2011-10-01
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| Series: | Journal of Economic and Financial Sciences |
| Subjects: | |
| Online Access: | https://jefjournal.org.za/index.php/jef/article/view/320 |
| _version_ | 1811328372217741312 |
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| author | Hentie A. van Wyk Cobus Rossouw |
| author_facet | Hentie A. van Wyk Cobus Rossouw |
| author_sort | Hentie A. van Wyk |
| collection | DOAJ |
| description | Even though the IFRS for SMEs does provide some relief in respect of the financial reporting burden for non-public entities, there still seems to be a need for an even lower level of financial reporting. In recent years South Africa embarked upon the development of a financial reporting framework for non-public entities and various versions of this so-called micro GAAP have been issued. However, the Accounting Practices Board raised some concerns about the then proposed micro GAAP. This article highlights the South African accounting practitioners’ views from different professional bodies on micro GAAP. They generally believe that micro GAAP will represent fair presentation and that the financial statements prepared under micro GAAP can still be regarded as general purpose financial statements. Furthermore, the majority of accounting practitioners believe that there is a definite need for a third tier of financial reporting in South Africa and indicated their preference of which entities may apply micro GAAP. Legal backing of micro GAAP is also considered appropriate by the practitioners. |
| first_indexed | 2024-04-13T15:24:59Z |
| format | Article |
| id | doaj.art-e29a4d548dfd40d3b61701c7738f5ee0 |
| institution | Directory Open Access Journal |
| issn | 1995-7076 2312-2803 |
| language | English |
| last_indexed | 2024-04-13T15:24:59Z |
| publishDate | 2011-10-01 |
| publisher | AOSIS |
| record_format | Article |
| series | Journal of Economic and Financial Sciences |
| spelling | doaj.art-e29a4d548dfd40d3b61701c7738f5ee02022-12-22T02:41:33ZengAOSISJournal of Economic and Financial Sciences1995-70762312-28032011-10-014225727410.4102/jef.v4i2.320261Accounting practitioners’ views on the proposed “Micro GAAP”: A South African perspectiveHentie A. van Wyk0Cobus Rossouw1Centre for Accounting, University of the Free StateCentre for Accounting, University of the Free StateEven though the IFRS for SMEs does provide some relief in respect of the financial reporting burden for non-public entities, there still seems to be a need for an even lower level of financial reporting. In recent years South Africa embarked upon the development of a financial reporting framework for non-public entities and various versions of this so-called micro GAAP have been issued. However, the Accounting Practices Board raised some concerns about the then proposed micro GAAP. This article highlights the South African accounting practitioners’ views from different professional bodies on micro GAAP. They generally believe that micro GAAP will represent fair presentation and that the financial statements prepared under micro GAAP can still be regarded as general purpose financial statements. Furthermore, the majority of accounting practitioners believe that there is a definite need for a third tier of financial reporting in South Africa and indicated their preference of which entities may apply micro GAAP. Legal backing of micro GAAP is also considered appropriate by the practitioners.https://jefjournal.org.za/index.php/jef/article/view/320Micro GAAPaccounting for non-public entitiesdifferential reportingthird tier financial reportingsmall and medium-sized entities |
| spellingShingle | Hentie A. van Wyk Cobus Rossouw Accounting practitioners’ views on the proposed “Micro GAAP”: A South African perspective Journal of Economic and Financial Sciences Micro GAAP accounting for non-public entities differential reporting third tier financial reporting small and medium-sized entities |
| title | Accounting practitioners’ views on the proposed “Micro GAAP”: A South African perspective |
| title_full | Accounting practitioners’ views on the proposed “Micro GAAP”: A South African perspective |
| title_fullStr | Accounting practitioners’ views on the proposed “Micro GAAP”: A South African perspective |
| title_full_unstemmed | Accounting practitioners’ views on the proposed “Micro GAAP”: A South African perspective |
| title_short | Accounting practitioners’ views on the proposed “Micro GAAP”: A South African perspective |
| title_sort | accounting practitioners views on the proposed micro gaap a south african perspective |
| topic | Micro GAAP accounting for non-public entities differential reporting third tier financial reporting small and medium-sized entities |
| url | https://jefjournal.org.za/index.php/jef/article/view/320 |
| work_keys_str_mv | AT hentieavanwyk accountingpractitionersviewsontheproposedmicrogaapasouthafricanperspective AT cobusrossouw accountingpractitionersviewsontheproposedmicrogaapasouthafricanperspective |