FACTORS DETERMINING USE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR SMALL TO MEDIUM SIZE ENTITIES (IFRS FOR SMES) IN ZIMBABWE
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Sherman Moyo(1*)
Department of Post Graduate Studies, University of Lusaka
-
Favourate Y Mpofu(2)
Department of Accounting Sciences, Faculty of Business and Economics Sciences, National University of Science and Technology
(*) Corresponding Author
Keywords:
IFRS, SMEs, Financial Statement, Zimbabwe
Abstract
Small and medium enterprises are the backbone of most African economies, contributing significantly to economic growth, employment creation, and sustainable development in these economies, yet the SMEs face survival challenges, with few going beyond five years. In Zimbabwe, SMEs drive employment creation, contribute to the gross domestic product (GDP), and promote livelihoods, alleviating poverty in a country where the formal sector is dwindling. As the country struggles to address economic challenges and strives to promote economic growth, the adoption of the IFRS for SMEs is pivotal for enhancing transparency, strengthening domestic revenue mobilization, attracting investment, and facilitating access to financing. This study investigates the factors influencing the adoption of International Reporting Standards for SMEs (IFRS for SMEs) in Zimbabwe. The research addresses a gap in the literature by comprehensively identifying factors that impact the adoption of the IFRS for SMEs reporting framework in a developing economy. This research utilizes stratified and cluster sampling techniques. The findings reveal that the needs of financial statement users, the legal structure of an SME, the level of accounting expertise within an SME, and the outsourcing of accounting services are key determinants of IFRS for SMEs usage in Zimbabwe.
Keywords: IFRS; SMEs; Financial Statement; Zimbabwe
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References
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Lusenko, & Musa. (2023). The Impact Of Various Stakeholders On Business Performance. A Literature Review. Journal Of Economics And Social Research, 120-141.
Marina, & Tudor, T. (2024). Perspectives Of Accounting Professionals About The Adoption Of IFRS For Smes: The Case Of Romania. European Journal Of Management Studies, 1-20.
Maripaananen, Reders, A., & Blomkvist, M. (2016). Causes And Consequences Of Improvements In The Information Environment For Swedish Small And Medium Size Firms. Accounting In Europe, Volume 13, Issue 1, 21-42.
Mazhindu, K., & Grazyina, M. (2013). The Adoption Of International Financial Reporting Standard For Small To Medium Size Enterprises In Zimbabwe. International Journal Of Asian Social Science, Volume 3, Issue 11, 2315-2349.
Mechta. (2022). The Qualitative Characteristics Of Accounting Information: A Literature. Society – Economy – Nature: Synergies In Sustainable Development (Pp. 219-227). Sopron: Prof. Dr. FÁBIÁN Attila,.
Mosab, T., Idin, S., Selajdin, A., & Saidur, R. (2022). Sampling Techniques(Probalility) For Quantitative Socialscience Researchers: Conceptual Guidelines With Examples. SEEU Review, 42-51.
Moura, & Motoki. (2022). What Influences The Implementation Of IFRS For SMES? Accounting And Finance, 2947-2992.
Mpofu, F. Y. (2021). A Critical Review Of The Taxation Of The Informal Sector In Zimbabwe. Doctoral Thesis. Northwest University, South Africa
Muda, Tornyeva, & Maccarthy. (2024). The Moderating Role Of Environmental Factors Between Institutional Isomorphic Pressures And The Adoption Of IFRS For Smes: Application Of SEM. Cogent Business And Management, 1-24.
Muotolu, P., Chikwemma, E. N., Ursula, & Anichebe, S. A. (2016). International Financial Reporting Standards For Small And Medium Enterprise (IFRS For Smes) And The Statement Of Accounting Standards (SAS): A Comparative Study. International Journal Of Finance And Accounting, Volume 1, Issue 3, 79-94.
Musabayana, Mutambara, & Ngwenya. (2023). Establishment Of A Zimbabwe National SME Sector: A Major Priority To Enhance The Perfomance Of The National Economy. Journal Of Innovation And Entreprenership, 1-24.
Nga, N. T., & Thủy, N. T. (2024). Research Overview On Applying International Accounting Standards (IFRS) To Small And Medium Enterprises In Vietnam. International Journal Of Advanced Multidisciplinary Research And Studies, 219-222.
Nguyen, D. P. (2019, October 9). The Ability Of Orientation Of Implementing International Financial Reporting Standards In Vietnam. Retrieved January 29, 2020, From The Ability Of Orientation Of Implementing International Financial Reporting Standards In Vietnam: Http://Www.Wz.Pcz.Pl/Znwz
Okewale, Makinde, Olusola, & Sotunde. (2022). Accounting Skill And Industry Need As Veritable Tool For Sustainable Small And Medium-Scaleenterprises. Fuoye Journal Of Management, Innovation And Entrepreneurship, 68-80.
Olowolaju, & Philip, S. (2019). Factors Influencing The Level Of Compliance With International Financial Reporting Standards By Small And Medium Scale Enterprises In Ondo State, Nigeria Vol. 3(2), . Journal Of Accounting, Auditing And Taxation, 32-41.
Palazuelos, E., Crespo, & Corter. (2017). Accounting Information Quality And Trust As Determinants Of Credit Granting To Smes: The Role Of External Audit. Small Business Economics, 1-17.
Palazuelos, Estefania, Angel, & Javier. (2018). Effect Of Perceived Default Risk And Accounting Information Quality On The Decision To Grant Credit To Smes. Risk Management, Volume 20, Issue 2, 121-131.
Perera, Chand, & Mala. (2022). Users’ Perspective On The Usefulness Of International Financial Reporting Standards For Small And Medium-Sized Enterprises-Based Financial Reports. Meditari Accountancy Research, 1133-1164.
Rahman. (2023). Sample Size Determination For Survey Research And Non-Probability Sampling Techniques: A Review And Set Of Recomendations. Journal Of Enterpreneurship, Business And Economics, 42-62.
Rassel, Leland, & Mohr. (2020). Research Methods For Public Administrators. New York: Taylor And Francis Group.
Ren. (2022). Optimization Of Enterprise Financial Management And. Journal Of Mathematics, 1-11.
Roszkowska. (2020). Fintech In Financial Reporting And Audit For Fraud Prevention And Safeguarding Equity Investments. Journal Of Accounting And Organisational Change, 164-196.
Schneider. (2018). Studies On The Impact Of Accounting Information And Assurance On Commercial Lending Judgments. Journal Of Accounting Literature, 63-74.
Sideki, Rosli, Hosbalah, & Khadri. (2020). An Overview On Criteria Of Small And Medium Enterprises (Smes) Across The Economies: A Random Selection Of Countries. Journal Of Critical Reviews, 2394-5195.
Stocker, Arruda, & Mascena. (2020). Stakeholder Engagement In Sustainability Reporting:A Classification Model. Corporate Social Responsibility And Environmental Managemental Management, 1989-2400.
Suleman, Y., Appiah, K., & Alhassan, I. (2019). Record And Information Management Among SMES In Ghana: Evidence From Selected SMES In The WA Municipality Of Ghana . International Journal Of Academic Research In Business And Social Sciences, 9(8),, 184-199.
Taboulatz, E., Lemonakis, & Garefalakis. (2017). Determinants Of Failure In Greek Manufacturing Smes. Corporate Ownership And Control, Volume 14, Issue 3, 45-50.
Taffour, Amaoko, & Amartey. (2022). Assessing The Effect Of Financial Literacy Among Managers On The Performance Of Small-Scale Enterprises. Global Business Review, 1200-1217.
Taherdoost, H. (2021). Data Collection Methods And Tools For Research; A Step-By-Step Guide To Choose Data Collection Technique For Academic And Business Research Projects. International Journal Of Academic Research In Management, 1-38.
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Vendy, & Sucahyati. (2022). Issues And Challenges Of Adoption Of IFRS For Smes In Malaysia. 4theconomics, Business, And Government Challenges 2021 (Pp. 6-12). Sarubaya: NST Proceedings.
Villaseca, Navio-Marco, & Gimeno. (2020). Money For Femaleen6trepreneurs Does Not Grow On Trees: Start Ups' Financing Implications In Times Of Convid - 19. Journal Of Entrepreneurship Inemerging Economies, 698-720.
Vincent & Adeiza. (2020). Adoption Of Ifrss By Smes In Sokoto State, Nigeria:. International Journal Of Research And Scientific Innovation, 321–2705.
Wijekoon, Sharma, & Samkini. (2023). SME Owners And Accountants' Perceptions Of Financial Information In Small- And Medium-Sized Entities: A Sri Lanka Case Study. Journal Of Accounting In Emerging Economies, 442-449.
Zimbabwe Daily. (2017, June 13). Zimbabwe Daily. Retrieved From Smes Registration To Zimra Increases: Https://Www.Thezimbabwedaily.Com/Business/143045-Smes-Registration-To-Zimra-Increases.Html
Achmad, T., Ghozali, I., & Pamungkas, I. D. (2021). Hexagon Fraud: Detection Of Fraudulent Financial Reporting In State-Owned Enterprises Indonesia. Economies, 1-16.
Akpen, Akidadewo, & Osatuyi. (2023). International Financial Reporting Standards (IFRS) And Small Andmedium-Sized Enterprises (Smes): Assessing The Impact Of IFRS Adoption On Smes. World Journal Of Finance And Investment Research, 34-36.
Amadeo, K. (2018, October 27). Economies Of Scale. Retrieved From Economies Of Scale: Definition, Types - The Balance: Https://Www.Thebalance.Com/Economies-Of-Scale3305926
Berthilde, & Rusibana. (2020). Financial Statement Analysis And Investment Decision Making In Commercial Banks: A Case Of Bank Of Kigali, Rwanda. Journal Of Financial Risk Management, 1-22.
Business Dictionary. (2018). External Sources Of Finance. Retrieved April 25, 2018, From Http://Www.Businessdictionary.Com
Campbell, Greenwood, Prior, Shearer, Walkem, Bywaters, & Walker. (2020). Purposive Sampling: Complex Or Simple? Research Case Examples. Journal Of Research In Nursing, 652-661.
Damak-Avadi, S. (2016). IFRS For Smes And Tunisian Accounting. Bensadon: Springer Cham.
Damaki-Ayadi, & Bahri. (2020). Cross-Country Determinants Of IFRS For Smes Adoption. Journal Of Financial Reporting And Accounting, 1985-2517.
Deloitte. (2009, December 1). Use Of IFRS By Jurisdiction. Retrieved January 12, 2016, From Use Of IFRS By Jurisdiction: Http://Www.Iasplus.Com
Devrimi, K., & Maximillian, K. (2015). Countries' Adapting Of The International Financial Reporting Standardfor Small And Medium Sized Entities-Early Empirical Evidence. Accounting And Business Research, Volume 45, Issue 1, 93-120.
Dlamini, & Schutte. (2020). An Overview Of The Historical Development Of Small And Medium Enterprises In Zimbabwe. Small Enterprise Research, 1-17.
Ezeagba, C. (2017). Financial Reporting In Small And Medium Enterprises (Smes) In Nigeria. Challenges And Options. International Journal Of Academic Research In Accounting, Finance And Management Sciences,Vol. 7, No.1 , 1-10.
Fujia, Blome, Sun, Yang, & Zhi. (2020). Towards An Integrated Conceptual Framework Of Supply Chain Finance: An Information Processing Perspective. International Journal Of Production Economics, 18-30.
Gamage, Ekanayake, & Jayasundara. (2020). A Review Of Global Challenges And Survival Strategies Of Small And Medium Enterprises (Smes). Economies, 1-24.
Gichuru. (2022, December 12). Adoption Of International Financial Reporting Standard For Small And Medium-Sized Enterprises And Its Effect On The Quality Of Financial Reporting: The Case Of Kiambu County. Nairobi, Kenya, Kenya.
Goncalves, Moura, & Motoki. (2022). What Influences The Implementation Of IFRS For Smes?The Brazilian Case. Accounting & Finance , 2947-2992.
Gonzalez, J. L., Munro, L., Gourdon, J., Mazzini, E., & Andrenelli, A. (2019, September 11). Participation And Benefits Of Smes In Gvcs In Southeast Asia. Retrieved February 3, 2020, From OECD Trade Policy Papers, No. 231:
Http://Dx.Doi.Org/10.1787/3f3f2618-En
Gopal, & Sachnabal. (2022). The Rise Of Finance Companies And Fintechlenders In Small Business Lending. The Review Of Financial Studies, 4859-4901.
Gray, D. E. (2014). Doing Reseach In The Real World. London: SAGE Publications Limited.
Hein, N., Hoan, N., & Cong, N. (2023). Analysis Of Factors Affecting The Adoption Of IFRS In An. Heliyon, 1-21.
IFRS Foundation. (2024, January 14). The IFRS For Smes Standard. Retrieved From The IFRS For Smes Standard: Https://Www.Ifrs.Org/Issued-Standards/Ifrs-For-Smes/View-Ifrs-Smes.Html/Content/Dam/Ifrs/Publications/Html-Standards/English/2021/Required/Sme/
Killic, M., & Uyar. (2017). Adoption Of IFRS For Smes In Turkey: Insights From Academics And Accountants. Journal Of Accounting And Management Information Systems, Volume 16, Issue 2, 313-339.
Killic, Uyar, & Ataman. (2016). Preparedeness Of The Entities For The (Smes): An Emerging Country Case. Journal Of Accounting In Emerging Economies, Volume 6, Issue 2, 156-176.
Kinmel, Weygandt, Kieso, Trenholm, Irvine, & Burnley. (2020). Financial Accounting: Tools For Business Decision Making. Toronto: Wiley.
Lackson, & Muba. (2021). Factors Affecting The Adoption Of Financial Reporting Standards By Micro, Small And Medium Enterprises In Tanzania: The Case Of Mbeya City Council. East African Journal Of Business And Economics, 1-62.
Lusenko, & Musa. (2023). The Impact Of Various Stakeholders On Business Performance. A Literature Review. Journal Of Economics And Social Research, 120-141.
Marina, & Tudor, T. (2024). Perspectives Of Accounting Professionals About The Adoption Of IFRS For Smes: The Case Of Romania. European Journal Of Management Studies, 1-20.
Maripaananen, Reders, A., & Blomkvist, M. (2016). Causes And Consequences Of Improvements In The Information Environment For Swedish Small And Medium Size Firms. Accounting In Europe, Volume 13, Issue 1, 21-42.
Mazhindu, K., & Grazyina, M. (2013). The Adoption Of International Financial Reporting Standard For Small To Medium Size Enterprises In Zimbabwe. International Journal Of Asian Social Science, Volume 3, Issue 11, 2315-2349.
Mechta. (2022). The Qualitative Characteristics Of Accounting Information: A Literature. Society – Economy – Nature: Synergies In Sustainable Development (Pp. 219-227). Sopron: Prof. Dr. FÁBIÁN Attila,.
Mosab, T., Idin, S., Selajdin, A., & Saidur, R. (2022). Sampling Techniques(Probalility) For Quantitative Socialscience Researchers: Conceptual Guidelines With Examples. SEEU Review, 42-51.
Moura, & Motoki. (2022). What Influences The Implementation Of IFRS For SMES? Accounting And Finance, 2947-2992.
Mpofu, F. Y. (2021). A Critical Review Of The Taxation Of The Informal Sector In Zimbabwe. Doctoral Thesis. Northwest University, South Africa
Muda, Tornyeva, & Maccarthy. (2024). The Moderating Role Of Environmental Factors Between Institutional Isomorphic Pressures And The Adoption Of IFRS For Smes: Application Of SEM. Cogent Business And Management, 1-24.
Muotolu, P., Chikwemma, E. N., Ursula, & Anichebe, S. A. (2016). International Financial Reporting Standards For Small And Medium Enterprise (IFRS For Smes) And The Statement Of Accounting Standards (SAS): A Comparative Study. International Journal Of Finance And Accounting, Volume 1, Issue 3, 79-94.
Musabayana, Mutambara, & Ngwenya. (2023). Establishment Of A Zimbabwe National SME Sector: A Major Priority To Enhance The Perfomance Of The National Economy. Journal Of Innovation And Entreprenership, 1-24.
Nga, N. T., & Thủy, N. T. (2024). Research Overview On Applying International Accounting Standards (IFRS) To Small And Medium Enterprises In Vietnam. International Journal Of Advanced Multidisciplinary Research And Studies, 219-222.
Nguyen, D. P. (2019, October 9). The Ability Of Orientation Of Implementing International Financial Reporting Standards In Vietnam. Retrieved January 29, 2020, From The Ability Of Orientation Of Implementing International Financial Reporting Standards In Vietnam: Http://Www.Wz.Pcz.Pl/Znwz
Okewale, Makinde, Olusola, & Sotunde. (2022). Accounting Skill And Industry Need As Veritable Tool For Sustainable Small And Medium-Scaleenterprises. Fuoye Journal Of Management, Innovation And Entrepreneurship, 68-80.
Olowolaju, & Philip, S. (2019). Factors Influencing The Level Of Compliance With International Financial Reporting Standards By Small And Medium Scale Enterprises In Ondo State, Nigeria Vol. 3(2), . Journal Of Accounting, Auditing And Taxation, 32-41.
Palazuelos, E., Crespo, & Corter. (2017). Accounting Information Quality And Trust As Determinants Of Credit Granting To Smes: The Role Of External Audit. Small Business Economics, 1-17.
Palazuelos, Estefania, Angel, & Javier. (2018). Effect Of Perceived Default Risk And Accounting Information Quality On The Decision To Grant Credit To Smes. Risk Management, Volume 20, Issue 2, 121-131.
Perera, Chand, & Mala. (2022). Users’ Perspective On The Usefulness Of International Financial Reporting Standards For Small And Medium-Sized Enterprises-Based Financial Reports. Meditari Accountancy Research, 1133-1164.
Rahman. (2023). Sample Size Determination For Survey Research And Non-Probability Sampling Techniques: A Review And Set Of Recomendations. Journal Of Enterpreneurship, Business And Economics, 42-62.
Rassel, Leland, & Mohr. (2020). Research Methods For Public Administrators. New York: Taylor And Francis Group.
Ren. (2022). Optimization Of Enterprise Financial Management And. Journal Of Mathematics, 1-11.
Roszkowska. (2020). Fintech In Financial Reporting And Audit For Fraud Prevention And Safeguarding Equity Investments. Journal Of Accounting And Organisational Change, 164-196.
Schneider. (2018). Studies On The Impact Of Accounting Information And Assurance On Commercial Lending Judgments. Journal Of Accounting Literature, 63-74.
Sideki, Rosli, Hosbalah, & Khadri. (2020). An Overview On Criteria Of Small And Medium Enterprises (Smes) Across The Economies: A Random Selection Of Countries. Journal Of Critical Reviews, 2394-5195.
Stocker, Arruda, & Mascena. (2020). Stakeholder Engagement In Sustainability Reporting:A Classification Model. Corporate Social Responsibility And Environmental Managemental Management, 1989-2400.
Suleman, Y., Appiah, K., & Alhassan, I. (2019). Record And Information Management Among SMES In Ghana: Evidence From Selected SMES In The WA Municipality Of Ghana . International Journal Of Academic Research In Business And Social Sciences, 9(8),, 184-199.
Taboulatz, E., Lemonakis, & Garefalakis. (2017). Determinants Of Failure In Greek Manufacturing Smes. Corporate Ownership And Control, Volume 14, Issue 3, 45-50.
Taffour, Amaoko, & Amartey. (2022). Assessing The Effect Of Financial Literacy Among Managers On The Performance Of Small-Scale Enterprises. Global Business Review, 1200-1217.
Taherdoost, H. (2021). Data Collection Methods And Tools For Research; A Step-By-Step Guide To Choose Data Collection Technique For Academic And Business Research Projects. International Journal Of Academic Research In Management, 1-38.
Tanaka. (2016, November 19). Personal Finance. Retrieved From 10 Things About: Accounting Profession In Zimbabwe: Http://Smezim.Com/2016/11/29/10things About
Uganda Investment Authority. (2018, June 16). Small And Medium Enterprises. Retrieved From Uganda Investment Authority.: Http://Www.Ugandainvest.Go.Ug/Sme/
Vendy, & Sucahyati. (2022). Issues And Challenges Of Adoption Of IFRS For Smes In Malaysia. 4theconomics, Business, And Government Challenges 2021 (Pp. 6-12). Sarubaya: NST Proceedings.
Villaseca, Navio-Marco, & Gimeno. (2020). Money For Femaleen6trepreneurs Does Not Grow On Trees: Start Ups' Financing Implications In Times Of Convid - 19. Journal Of Entrepreneurship Inemerging Economies, 698-720.
Vincent & Adeiza. (2020). Adoption Of Ifrss By Smes In Sokoto State, Nigeria:. International Journal Of Research And Scientific Innovation, 321–2705.
Wijekoon, Sharma, & Samkini. (2023). SME Owners And Accountants' Perceptions Of Financial Information In Small- And Medium-Sized Entities: A Sri Lanka Case Study. Journal Of Accounting In Emerging Economies, 442-449.
Zimbabwe Daily. (2017, June 13). Zimbabwe Daily. Retrieved From Smes Registration To Zimra Increases: Https://Www.Thezimbabwedaily.Com/Business/143045-Smes-Registration-To-Zimra-Increases.Html
Published
2024-11-01
How to Cite
Moyo, S., & Mpofu, F. (2024). FACTORS DETERMINING USE OF INTERNATIONAL FINANCIAL REPORTING STANDARDS FOR SMALL TO MEDIUM SIZE ENTITIES (IFRS FOR SMES) IN ZIMBABWE. Journal of Management : Small and Medium Enterprises (SMEs), 17(3), 901-916. https://doi.org/10.35508/jom.v17i3.18506
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