Are Small Enterprises Ready for the Implementation of IFRS? The Case of Greece

Abstract

This paper investigates the level of readiness and the degree of familiarity among small and medium-sized Greek enterprises (SMEs) for the application of international financial reporting standards (IFRS). Readiness is defined as the capability for the full application of IFRS , and familiarity is understood in terms of the entity’s knowledge and competence in using IFRS. The present research is based on the statistical analysis of questionnaires completed by company accountants. Chi-square tests show that the level of readiness for the application of IFRS is not independent of: (i) whether the company is listed or unlisted; (ii) the size of the company; and (iii) the field of activity of the company. The results also show that the size of a company is not independent of: (i) the educational level of the accountant; and (ii) the years of professional experience of the accountant. No