2017 Fiscal Year Research-status Report
Full IFRS and IFRS for SMEs in an emerging country (Peru): Issues, Implications, Effects and Proposals
| Project/Area Number |
17K04052
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| Research Institution | Kobe University |
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Principal Investigator |
TANAKA GUSTAVO 神戸大学, 社会システムイノベーションセンター, 特命准教授 (50647170)
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| Project Period (FY) |
2017-04-01 – 2020-03-31
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| Keywords | IFRS / Peru / IFRS for SMEs / Financial Accounting / Accounting standards / Emerging country / Latin America |
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| Outline of Annual Research Achievements |
First of all, after formulating the whole research plan, the literature was reviewed including an analysis of the studies regarding the compliance of the IFRS in Peru and worldwide (mainly in Latin America and other emerging regions).
Phase I (Full IFRS compliance and current issues) was completed. Big data analysis using a number of databases (Peru Top 10,000, Economatica, and Osiris) was complemented with surveys of listed companies and other big private corporations. Moreover, interviews with relevant stakeholders like the President of the Peru’s Accounting Standards Council, Dean of the Public Accountants Association of Lima, partners of the top four accounting firms, Peru’s tax agency, Securities Market regulator, a dean of Accounting school were performed. Then, after analyzing the data, potential issues for full IFRS compliance were summarized. Moreover, as the result of this first year’s investigation, a couple of papers with the most important findings of this research were written and were/will be submitted to prestigious academic conferences. Finally, the paper entitled “IFRS Implementation in Peru: Situation, Issues and Proposals based on Interviews to the main Stakeholders" has been accepted to be presented at a concurrent session in the American Accounting Association (AAA) conference to be held in Washington, DC on August 7th, 2018.
In summary, the main objectives of research in Phase 1 were successfully achieved.
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| Current Status of Research Progress |
Current Status of Research Progress
2: Research has progressed on the whole more than it was originally planned.
Reason
In FY2017 it was planned to do: 1) the initial activities (research plan and literature review) and 2) Phase I of the research (Full IFRS compliance and current issues)
1) The Initial Activities that included research plan and literature review were completed.
2) Phase I (Full IFRS compliance and current issues) included the following: Surveys of companies, Interviews with relevant stakeholders, Analysis of the data. Determination of potential areas of exceptions of full IFRS compliance and Summary of the data and writing of the paper. All was completed: After making a trip to Peru, I was able to gather information from the most relevant stakeholders in the Peruvian accounting system. The interviewees included the President of the Peru’s Accounting Standards Council), SMV (Peru’s equivalent to the SEC), the Dean of the Public Accountants Association of Lima, partners of all the Big Four and BDO; Peru’s Tax Agency and some important stakeholders. Moreover, surveys with listed and non-listed companies were completed. Finally. after analyzing the data two papers were written.
On the other hand, I made presentations of two papers in the following two conferences:
2017 Summer International Academic Conference－Korean Accounting Association,( Busan, South Korea)－ trip partially funded by the Japan Accounting Association-, and AAA - Annual Conference (California).
Finally, one of my papers was published in a book.
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| Strategy for Future Research Activity |
The activities planned for 2018, related with a)the effect of full IFRS on Peru(education and accounting profession and taxation) and b)the implementation of IFRS for SMEs will be performed Phase II(IFRS effects, implications and proposals)includes interviews, analysis and writing a paper. Since one of the purposes of this research is to analyze the effects of the implementation of the IFRS and improve the accounting education in Peru, the information obtained in Phase I will be complemented with interviews with relevant stakeholders(universities’ authorities and faculty members as well as other stakeholders in a trip to Peru). Then, after analyzing the data, the most important findings will be summarized in an academic paper.
Phase III focuses on the compliance of IFRS for SMEs and related issues. SMEs will be surveyed in order to determine the compliance of I
FRS for SMEs. Moreover, the information obtained in the surveys-complemented with interviews with relevant stakeholders-will allow the researcher to give proposals to improve the IFRS for SMEs in an academic paper.
In the short term, it is planned that the papers finalized in FY 2017 would be presented in prestigious academic conferences. As the date of the preparation of this report, the “IFRS Implementation in Peru: Situation, Issues and Proposals based on Interviews to the main Stakeholders" paper has been accepted to be presented at a concurrent session in the AAA conference to be held in Washington, DC in August 2018. In the following months, other papers will be submitted to another top academic conference
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