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Student Enterprise CourseStudent Enterprise Course
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
OUR PROJECT CONCERNS The adaptation of international accounting
frameworks
◦ IFRS
◦ IFRS for SMEs
Their significant impact of the world of accounting
and business processes
The possible advantages of introducting a
worldwide well accepted new system in Hungary
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
ABOUT IFRS/IFRS FOR SMES
An IFRS for SMEs has clear benefits for investors, lenders and those seeking to raise finance through the transparency afforded by a consistently applied global set of financial reporting standards.
Aim: Providing a standard for entities in
countries that have no national GAAP. Offering an alternative IFRS standard that
will be recognised and understood across different territories.
THE TEAM WORKStudy of IFRS & IFRS SMEs
IFRS Basic Course
Designing the method of the research
Designing the online questionnaire
Analyzing the database
Contacting companies
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
RELATIONSHIP WITH THE CLIENT Weekly meetings
Invitation to courses
Daily contact via email and phone
Sustain a real business relationship
ASSOCIATION WITHIN THE GROUP Meetings 2 or 3 times per week Long discussions about the project Daily contact via email and phone Cooperation Listen&Respect each other’s opinion
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
RISK AND BARRIERSUnknown existence of IFRS for SMEs
Rejection of the surveys
The entities cling to the general accounting
frameworks
Changeover to IFRS for SMEs is relatively
expensive (training costs, etc.)
Time limit
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
STATISTICAL ANALYSIS The questionaire was sent to approximately 2000 companies with a revenue
above 1 billion Forints. 2 % of the companies anwered the questionaire. Mostly CFOs, auditors or
accountants of the companies answered the sheet, as it was meant to be answered by them.
48% of the respondents says that it would be useful using IFRS because of international suppliers , and other 14% of the them wants to get credit from abroad.
All of these companies (100%) do not follow any other accounting standars than the Hungarian Accounting Standards (HAS).
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
Why might IFRS be useful for Your company?
8%14%
48%
11%3%
16%
To be quoted on stockexchangeTo get credit from abroad
Because of internationalsuppliersTo plan an acquisition
To get out of business
To sell business share
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
Have You ever hear of IFRS before?
71%
29%
YES
NO
71% of the respondents said that they have heard of IFRS before. According to the following question, most of them hardly IFRS, and none of them know it well.
0
5
10
15
20
25
30
35
Hardly Moderately Well
How do You know IFRS?
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
0
5
10
15
20
25
30
35
40
Hardly Moderately Well
How widely is IFRS used in Hungary
Have You ever heard about IFRS for SMEs?
41%
59%
YES
NO
We have almost the same results for the level of IFRS knowledge and for the question how widely IFRS is used in Hungary, which is fairly interesting. No one said that IFRS is widely used in Hungary.
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
0
5
10
15
20
25
YES NO
Did You know that IFRS helps invesment decision-making?
Did You know that IFRS is used in more than 100 countries and even more are planning to use it?
52%
48%YES
NO
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
Did You know that the USA is planning to use IFRS?
9%
91%
YES
NO
77 % knows that companies that are quoted on any EU stock exchanges must report by IFRS as well. 25
% took a course about IFRS.Do You see any advantages using IFRS?
64%
36%
YES
NO
We have the same results for the uestions asking „Do You see any advantages using IFRS?” and „Would You like to use an international accounting system that helps Your company be more transparent?”
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
Can You imagine using only IFRS in Hungary?
50%50%YES
NO
Do You see any advantages using IFRS for SMEs in Hungary?
68%
32%
YES
NO
According the results of some following questions, almost all of them (80%) wants to get more information about IFRS for SMEs, but they do not know where to get that information.
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.
Adoption of IFRS and IFRS for SMEs in Hungary
Student Enterprise Course
2010.12.06.