Construction Of Accounting Standards System For SMEs In Post-convergence Era

The Outline of the 14th Five-Year Plan for Accounting Reform and Development issued by the Ministry of Finance in 2021 proposed that "improving the accounting standards system applicable to small and medium-sized enterprises" would be an important task during the 14th Five-Year Plan period.Since the "Accounting Standards for Small Enterprises" was formally promulgated in 2011,a series of problems have occurred in the application of the "Accounting Standards for Small Businesses" in our country,the implementation effect was not as expected,how to improve the accounting standards system for small and medium-sized enterprises is more and more important..The International Accounting Standards Board(IASB)has put the development of financial reporting standards for SMEs on its agenda since 2002.Finally,IFRS for SMEs applicable to Non-publicly Accountable Entities,was officially released in 2009,aiming to provide guidance for global non-publicly accountable enterprises.In July 2022,the third Agenda Setting of the IASB identified the revision of IFRS for SMEs as an important task from 2022 to 2026.Under the background of international convergence of accounting standards,how to follow up the progress of IFRS for SMEs and establish China’s own accounting standards system for non-publicly accountable entities are urgent issues to be solved in the post-convergence era.This research will start from the following aspects to explore how to improve the small and medium-sized enterprise accounting standards system in China.Firstly,based on the international experience,this paper reviews the historical evolution of IASB’s participation in the construction of accounting standards system for non-publicly accountable entities,and analyzes the simplification and promotion methods in the due process of IFRS for SMEs.Then,this paper analyzes the sorting out of the core issues in the formulation process of IFRS for SMEs and how to coordinate the conflicts through the political mechanism of IASB,so as to provide reference for our country.Secondly,this paper explores the historical experience of different countries in the construction of accounting standards systems for non-publicly accountable entities by analyzing the case studies of the UK,Portugal and Japan.This paper also combines the institutional logic theory and institutional response model,and uses the method of qualitative comparative analysis(QCA)to test the institutional logic of each country in formulating accounting standards for non-public accountable entities.This paper summarizes the influence mechanism of different institutional logics such as culture,religion,politics,economy,law,taxation,market and education on the adoption of IFRS for SMEs and the response strategies of economies in the face of complex institutions.Finally,based on the history and current situation of the reform of small business accounting standards in China by inductive and deductive method,and drawing on the ideas of the construction of international accounting standards system for non-publicly accountable entities,this paper puts forward some countermeasures and suggestions for China’s non-publicly accountable entities accounting standards:(1)to build a multi-level accounting standards system for small and medium-sized enterprises that is similar to IFRS for SMEs;(2)Improving the institutional guarantee of the accounting standards system for non-public accountable subjects in our country;(3)Actively participate in the formulation and construction process of IFRS for SMEs,and maintain the right of voice in the construction of international standards for non-publicly accountable entities.The contributions and significance of this paper are as follows:(1)In terms of research objects,we focus on the construction of accounting standards system of "non-public accountable subjects" and clarify the conceptual issues such as the scope of "non-public accountable subjects" and the objectives of accounting standards.(2)In terms of research content,this paper makes a systematic case study on the construction experience of accounting standards system for non-publicly accountable entities in international and major economies,so as to provide experience for the improvement and construction of accounting standards system for small and medium-sized enterprises in China.(3)In terms of research methods,this paper tries to introduce "institutional logic theory","institutional complexity theory","institutional response model" and and QCA methods into the research on the formulation and adoption of accounting standards for non-publicly accountability entities,so as to explore the institutional motivation and influence path of the construction of accounting standards system for non-publicly accountability entities.