Legislative Regulation Financial Statement Preparation by Micro Entities: International Experience

The article analyzes the experience of legislative regulation of financial statement preparation by micro entities in the Commonwealth of Independent States, the European Union, and the United Kingdom. The legislative acts of the countries, national accounting standards and financial reporting stand...

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Autor principal:	Natalia S. Matveeva
Formato:	article
Lenguaje:	EN RU
Publicado:	Financial Research Institute 2021
Materias:	financial statement micro entities financial reporting standards financial legislation international experience Finance HG1-9999
Acceso en línea:	https://doaj.org/article/ce4bce77207f42fa99c55a10cb081a98
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spelling	oai:doaj.org-article:ce4bce77207f42fa99c55a10cb081a982021-11-04T14:10:26ZLegislative Regulation Financial Statement Preparation by Micro Entities: International Experience10.31107/2075-1990-2021-5-125-1382075-19902658-5332https://doaj.org/article/ce4bce77207f42fa99c55a10cb081a982021-10-01T00:00:00Zhttps://www.finjournal-nifi.ru/images/FILES/Journal/Archive/2021/5/statii/09_5_2021_v13.pdfhttps://doaj.org/toc/2075-1990https://doaj.org/toc/2658-5332The article analyzes the experience of legislative regulation of financial statement preparation by micro entities in the Commonwealth of Independent States, the European Union, and the United Kingdom. The legislative acts of the countries, national accounting standards and financial reporting standards serve as the methodological basis for the analysis. For the purpose of this study the article identifies the criteria for categorizing an organization as a micro entity, analyzes the documents regulating the procedure for the preparation of financial statements, and compares the procedures for financial reports formation by micro entities in different countries. Micro entities are an important component of the country’s economy, affecting the level of employment, gross domestic product and other important indicators of the country’s development. In Russia, micro entities account for 96 percent of the small and medium-sized business sector, whose share in the gross domestic product was about 20.6 % in 2019 according to Federal State Statistics Service estimates and which created about 33 % of jobs. For comparison, in the OECD countries small and medium-sized businesses generate, on average, about 55 % of GDP and about 59.1 % of jobs, whereas in the EU countries the percentage is higher: 57.5 % of GDP, and 65 % of the employed. However, in order to support the development of micro entities, it is necessary to create favorable conditions for the implementation of entrepreneurial activities, in particular through simplifying the procedure for the formation and submission of financial statements.Natalia S. MatveevaFinancial Research Institutearticlefinancial statementmicro entitiesfinancial reporting standardsfinancial legislationinternational experienceFinanceHG1-9999ENRUФинансовый журнал, Vol 13, Iss No. 5, Pp 125-138 (2021)
institution	DOAJ
collection	DOAJ
language	EN RU
topic	financial statement micro entities financial reporting standards financial legislation international experience Finance HG1-9999
spellingShingle	financial statement micro entities financial reporting standards financial legislation international experience Finance HG1-9999 Natalia S. Matveeva Legislative Regulation Financial Statement Preparation by Micro Entities: International Experience
description	The article analyzes the experience of legislative regulation of financial statement preparation by micro entities in the Commonwealth of Independent States, the European Union, and the United Kingdom. The legislative acts of the countries, national accounting standards and financial reporting standards serve as the methodological basis for the analysis. For the purpose of this study the article identifies the criteria for categorizing an organization as a micro entity, analyzes the documents regulating the procedure for the preparation of financial statements, and compares the procedures for financial reports formation by micro entities in different countries. Micro entities are an important component of the country’s economy, affecting the level of employment, gross domestic product and other important indicators of the country’s development. In Russia, micro entities account for 96 percent of the small and medium-sized business sector, whose share in the gross domestic product was about 20.6 % in 2019 according to Federal State Statistics Service estimates and which created about 33 % of jobs. For comparison, in the OECD countries small and medium-sized businesses generate, on average, about 55 % of GDP and about 59.1 % of jobs, whereas in the EU countries the percentage is higher: 57.5 % of GDP, and 65 % of the employed. However, in order to support the development of micro entities, it is necessary to create favorable conditions for the implementation of entrepreneurial activities, in particular through simplifying the procedure for the formation and submission of financial statements.
format	article
author	Natalia S. Matveeva
author_facet	Natalia S. Matveeva
author_sort	Natalia S. Matveeva
title	Legislative Regulation Financial Statement Preparation by Micro Entities: International Experience
title_short	Legislative Regulation Financial Statement Preparation by Micro Entities: International Experience
title_full	Legislative Regulation Financial Statement Preparation by Micro Entities: International Experience
title_fullStr	Legislative Regulation Financial Statement Preparation by Micro Entities: International Experience
title_full_unstemmed	Legislative Regulation Financial Statement Preparation by Micro Entities: International Experience
title_sort	legislative regulation financial statement preparation by micro entities: international experience
publisher	Financial Research Institute
publishDate	2021
url	https://doaj.org/article/ce4bce77207f42fa99c55a10cb081a98
work_keys_str_mv	AT nataliasmatveeva legislativeregulationfinancialstatementpreparationbymicroentitiesinternationalexperience
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Legislative Regulation Financial Statement Preparation by Micro Entities: International Experience

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