International Financial Reporting Standard for Small and Medium-sized Entities: What is in Store for Family Enterprises?


Prof. Dr. Rolf Uwe Fülbier, 2011

As a result of the adoption of the IFRS for SMEs (International Financial Reporting Standard for Small and Medium-sized Entities, IFRS for SMEs) in 2009, German family enterprises are now faced with the international world of accounting regardless of their up to now decision for or against the IFRS. Even if the German legislator follows the view prevailing here in this country, namely not to integrate the IFRS for SMEs, mid-term effects would arise in any case. It is regarded as imperative to anticipate them and to prepare oneself accordingly.


Table of Contents

  1. Introduction

  2. What is the IFRS for SMEs?

    1. Extent and structure of the standards

    2. Complexity-oriented comparison with the GCC (German Commercial Code)

  3. Conception and possible conceptual problems for family enterprises

    1. Conceptual identity with the full IFRS

    2. Questionable argument of comparability

    3. Inappropriate institutional structure

  4. Implementation at German and European level

  5. Summary

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