The effects of the legal environment on the entire application of IFRS for small and medium-sized enterprises: The case of Vietnam
The article explores the impact of factors in the legal environment on the application of the entire international financial reporting standards for small and medium-sized enterprises. Legal environmental factors include the legal system, the influence of the state role, professional associ...
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| Format: | Article |
| Language: | English |
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Growing Science
2021-01-01
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| Series: | Accounting |
| Online Access: | http://www.growingscience.com/ac/Vol7/ac_2021_74.pdf |
| Summary: | The article explores the impact of factors in the legal environment on the application of the entire international financial reporting standards for small and medium-sized enterprises. Legal environmental factors include the legal system, the influence of the state role, professional associations and tax regulations. The author adopted the survey of 80 managers and 80 auditors to find out if there is any difference between the financial reporters and the financial reporting auditors on the impact of the legal environment. Through T-Test with SPSS 26 software, the author found that the tax factor is highly appreciated for both managers and auditors, especially for managers. The auditors assessed that the entire application of IFRS would bring benefits more than the costs while the managers assessed that the costs would be more than the benefits. Through the survey results, the author suggests limiting the impact of tax on accounting and further improving the role of professional associations. |
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| ISSN: | 2369-7393 2369-7407 |